Bitpay chief executive officer Stephan Pair has gone on record to mention that he believes that mass crypto adoption is simply 3 to 5 years away. He talked regarding the possibility of wider adoption once recently chatting to the american news network CNBC.
One year ago once Bitcoin costs scaled the heights of $20,000, crypto adoption appeared to be even nearer than ever before and only a matter of your time. However, calmer heads believed that 10 years was nearer to the real number.
Is Crypto Adoption closer than we Think?
The Bitpay head honcho believes mass crypto adoption is closer than we expect. In the interview with CNBC, Stephan Pair talked regarding the potential of the BTC ETF and the prospects of mass crypto adoption.
When asked if the BTC ETF would speed up wider adoption, Pair said that the ETF isn't the be all or end all of the crypto industry. He observed that wider adoption will push costs higher if history could be a guide.
When talking regarding the timeline of mass crypto adoption, the Bitpay boss was quoted as telling CNBC that:
"I used to say 10 years, however currently i feel it’s more like 3-5 years till you can enter a restaurant, a retail establishment, and simply everybody’s visiting expect that that store will be able to settle for a blockchain payment.”
There has been bigger adoption by businesses in the past 12-months to use crypto as a kind of payment, but the recent value crashes would possibly negatively affect adoption in the meantime.
Crypto Prices Driven by Speculation, Not Utility
CCN recently mentioned Stephan Pair’s statement that speculation drives crypto costs over utility. In the same interview with CNBC, Pair told the news outlet his opinion on speculation versus utility by saying:
"A very massive element of the worth is definitely speculation. It’s investors speculating on the future usage and adoption of this technology. Alittile element of the value is actual utility, and that’s what BitPay is targeted on — using the platform and delivering products to our customers that they find valuable.”
It's fascinating to point out that the speculation is predicated on future usage, that is basically another phrase to clarify mass crypto adoption. If mass crypto adoption depends on whether or not businesses can use and settle for crypto as payment for services, a 3 to 5-year window looks like a smart prediction and one thing that's very possible.
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