The Price Of Bitcoin Built Off Speculation, Says CEO Of Bitpay

Since the run-up in the price of Bitcoin in 2017, pundits have speculated that investors have been outsted by traders, creating an environment that has been rife with price speculation.

Stephen Pair (Bitpay’s CEO) in a recent interview with CNBC’s Squawk Box, confirmed this theory. Speaking on the outlet’s “Squawk Box” segment pair, he was initially asked if BTC at $3200 is a fair value for the well-recognized digital asset.

Turning the question on its head, long-time crypto savant pair, noted that “it’s difficult to say,” as a large fraction of the asset’s value is based on speculative orders, which aims to gauge how much influence BTC will have on the society.

READ ALSO:  EOS Token Swap Problems: More than half of the EOS users have not registered for token swap - How to register your EOS tokens?

Pair, when asked about his colleague’s prediction of Bitcoin surpassing $15,000 to $20,000 in 2019, went ahead to talk of catalysts, that will raise the cryptos in years to come.

The CEO noted that while Bitpay already processes $1 billion in BTC/BCH transactions every year, he wants this sum to reach $10 billion and $100 billion in years to come, as a sign of the increasing influence of cryptos on a global scale.

Pair added that, higher prices comes with adoption, as indicated by the principles of network value, and the fact that consumers will buy BTC en-mass if payment solutions are cheap and seamless.

READ ALSO:  Cryptocurrency Ratings: Ethereum is the topmost blockchain in new Chinese government Rating Index - What about Bitcoin, Steem, Lisk, and NEO?

The shift from cryptos to blockchain apps has been the overarching theme of the crypto market of 2018. Therefore, it should come as a surprise that the CNBC anchor queried Pair, about decentralized ledger technologies, which underpins the bitcoin network and its altcoin brethren.

Pair reveals that he believes in the 10 year old innovation, but added that in terms of nitty gritty, blockchains are just a type of database, instead of an abstract concept as perceived by some.

READ ALSO:  Bitcoin Technical Analysis: Is Bitcoin heading towards $2000?

To conclude, he touched on what lies on the future of the industry, noting that the thesis of Bitpay is that within 3-5 years, a higher percentage of payments will be carried out on blockchains while most assets would be situated on the same tech.