Mass Adoption of Blockchain Payments is 3-5 Years Away – BitPay CEO

 
SHARE:

Stephen Pair, the CEO of BitPay, gave an interview to CNBC in which he spoke about Bitcoin and blockchain technology in general.

BitPay is a US-based global bitcoin payment service provider.

Speaking about Bitcoin price, Pair noted that “a very big component of the 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 and that’s why BitPay is focused on”.

He continued by saying that there may be many catalysts that would push the Bitcoin price higher, not only the much anticipated Bitcoin ETF.

When asked about the industry where his company is involved in, Pair said that:

“More than $1 billion worth of payments were processed and I would like that to grow to $10 and $100 billion”.

Thus, the mass adoption of the blockchain industry would push the price higher.

While addressing the future of blockchain question, Pair said that more and more traditional-style database will transform into blockchain-based database, as the blockchain technology is essentially a database technology.

In the future, the majority of the number of payments will be done via blockchain technology, adds Pair.

“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”.

“Remember, this is not only about the Bitcoin, it’s also about issuing dollars and euros on the blockchain or any other kind of digital assets that can be used for that payment”, concluded Pair.

Today, Bitcoin (BTC) trades around the $3,200 handle, keeping its head just above the key support located around $3,000 mark.