During an interview with CNBC on 13 December 2018, Stephen Pair, CEO of BitPay, commented that he expects the mass adoption of blockchain payments to occur in under half a decade.
He elaborated that although he used to think that it would be 10 years, he now thinks that in around 3-5 year, consumers would visit a retail shop or a restaurant and expect that blockchain payments will be accepted. He further added that the blockchain mentioned included the “issuing” of dollars or euros on blockchain, as well as cryptocurrencies like Bitcoin (BTC).
With Bitcoin’s declining value not seeing a stop, Pair was also asked by reporters regarding the current price of Bitcoin compared to its glory back in 2017. He explained his thoughts that compared to “actual utility”, “speculation” of investors on Bitcoin’s usage and implementation in the future has a bigger impact on its price.
Regarding Bitcoin ETF (Exchange-Traded Fund), Hester Pierce, a commissioner for the U.S. Securities and Exchange Commission (SEC), said that there is no predicting its approval and could take as short as a day or as long as 20 years. When asked about whether the approval of Bitcoin ETF could potentially cause a price rally for BTC, Pair said that the approval could be a “catalyst” for price increment but argued that the adoption of blockchain on a large scale could “push the prices higher”. He believes strongly that Bitcoin will regain its high value in the future “if history is any guide”.
The state of the cryptocurrencies and the market is closely observed by many parties, including the Cambridge Centre for Alternative Finance (CCAF). The institute stated that despite the fall in values of cryptocurrencies, the number of users in the crypto market still managed to double this year. An analysis by Bloomberg on the situation claims that the growing user base could be the signal of recovery for the declining crypto market.