December 17, 2018 AtoZ Markets – The speculation on future adoption of Bitcoin BTC drives its price for more than “actual utility”, said the CEO of crypto trading platform BitPay Stephen Pair in an interview with a media outlet recently.
The current volatile price of the aforementioned currency is mainly attributed to the speculation of a recognising it as a currency to deal with, as bitcoin investors hope for, according to Pair.
“A very big component of the Bitcoin’s price is certainly speculation. It’s investors that are speculating on the future usage and adoption of this technology. I’m sure a small component of that price is the actual utility.”, Pair told CNBC on Dec. 13.
He sees that if it really happens, and the currency gets adopted in the universal financial system, the prices of it may well go very high, doubting that it is only “just ETF adoption or ETF launches” which have the capability of stimulating the market.
“I do think we’ll see those kinds of prices at some point in the future, if history is any guide.”, added Pair.
The SEC does not want to disclose information!
In response to a question regarding blockchain-based currencies’ use in daily transactions, Pair noted that such adoption might occur on a mass scale within a period of 5 years, saying:
“I used to say 10 years, but now I think it’s more like 3-5 years until you can go into a restaurant, a retail establishment, and just everybody’s going to expect that that store will be able to accept a blockchain payment.”
Pair stressed he was not just referring to “Bitcoin or the various tokens that we see today but also about issuing dollars on a blockchain or euros on a blockchain.”
Pair’s expectation does not come however in line with what the SEC recently stated, where as per Hester Peirce, a SEC commissioner, approving Bitcoin ETF is not necessarily guaranteed in the short term, where he said that it could take up to 20 years from now, as well as this may happen tomorrow, in reference to that expectations regarding approving the Bitcoin ETF should not go very high for now.