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Crypto Merchant BitPay platform CEO Stephen Pair said that speculation on future adoption pushes the price of Bitcoin (BTC) more than "effective utility" in an interview on CNBC on December 13 .
Speaking of the reasons behind the current value of Bitcoin, compared to its historical highs, Pair told reporters:
"A very large component of the [Bitcoin’s] the price is certainly a speculation. It is investors who speculate on future use and the adoption of this technology. I am sure that a small component of that price is in fact useful. "
When asked about the potential of a Bitcoin ETF to stimulate a price rally, Pair argued that "not only the adoption of the ETF or the launch of the ETF" could be a catalyst for the price movement , but that "adoption will push prices higher", adding optimistically:
"I think we'll see those kinds of prices at some point in the future, if history is a guide."
Responding to a question about the use of blockchain-based currencies in daily transactions, the CEO of BitPay told CNBC that it is expected to take place on a large scale in less than half a decade, stating that:
"I said 10 years, but now I think it's more than 3-5 years until you can get into a restaurant, a retail store, and only everyone will expect that store will be able to accept a blockchain payment."
Pair then noticed that it was not just referring to "Bitcoin or the various tokens we see today [but] also on the issue of dollars on a blockchain or euro on a blockchain. "
According to Hester Peirce, a commissioner for the Securities and Exchange Commission (SEC) of the United States, the approval of a Bitcoin ETF is not necessarily at hand. As Cointelegraph recently reported earlier this month, Peirce said that the approval "could be in 20 years" or "tomorrow", urging the crypto community not to "hold" [its] breath."
A study published by the Cambridge Center for Alternative Finance this week said that the number of verified cryptocurrency users has almost doubled this year. A Bloomberg analysis of the study argues that the increase in the crypto user base, despite falling prices, "may indicate that a possible recovery could come".
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