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According to BitPay CEO Stephen Pair, payment methods based on blockchain technology will become the norm in the next 3-5 years. He talked about the current situation in the market and also gave some explanations as to why BTC is currently declining against the USD. Pair said that utility does not affect the price of BTC as much as speculation about future adoption. He said this during an interview with CNBC on December 13th. In response to a question asked by the journalist, Pair said:
"A big component that influences the price of BTC is speculation, investors are speculating about the possible future use and adoption of Bitcoin, I am sure that only a small component that determines the price is the utility real. "
Bitcoin and Blockchain Adoption
During the interview, a Pair was asked about the possibility of Bitcoin's ETF to raise the price of BTC. In response, he said that the launch and adoption of ETFs will push prices higher, but they are simply not enough to cause a significant rise in prices. He said he does not believe we'll ever see that kind of price rally in the future.
Speaking of the issue of using cryptocurrencies for daily transactions, Stephen said he expects there will be mass adoption of these currencies as a payment method within the next 3 or 5 years. In his words:
"Before now, I thought it would take at least 10 years for cryptocurrencies to reach mass adoption, now I would like to say from 3 to 5. Soon, people will be able to get into any retail store and execute transactions using the blockchain-based payment method. "
He also said that he is not just talking about Bitcoin and other blockchain-based tokens, but dollars, euros and other currencies will be issued on the blockchain.
The approval or disapproval of Bitcoin's ETF is not close
Hester Peirce, the commissioner of the Securities and Exchange Commission in the United States, said that there is no specific date for the approval of a Bitcoin ETF. Specifically, he said that an endorsement will come at any time between "now, tomorrow or the next 20 years". He urged the members of the cryptocurrency space not to hold their breath.
Some time ago, the Cambridge Center for Alternative Finance published a study which states that the number of verified users of cryptocurrencies has doubled within the year. Following the report, a Bloomberg analyst said that an increase in the user base even in a price drop is a sign that the market will recover soon.
Price analysis of cryptocurrency
Meanwhile, cryptocurrency market capitalization nearly fell below $ 100 billion this weekend, when BTC dragged down the price of the altcoin. Fortunately, the market is recovering slowly. At this time, BTC is trading at $ 3,301.32. This shows that it is up 2.65% compared to the US dollar with a trading volume of $ 3,815,472.163 and a market capitalization of $ 57828,310,401.
XRP is trading at $ 0.293476. This shows that it is growing by 2.34% compared to the US dollar and down 0.48% compared to Bitcoin. The trading volume over a 24-hour period is $ 319.930,334 and the market capitalization is $ 12,011,070.395. Ethereum (ETH) is trading at $ 87.55. This shows that it is up 4.29% compared to the US dollar and up 1.49% compared to Bitcoin with a trading volume of $ 1,697,697.714 and a market capitalization of $ 9,090,668,623.
