
15 Dec Bitcoin Price Driven More by Speculation Than Utility: BitPay CEO
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BitPay CEO Stephen Pair has stated that speculation drives a substantial part of bitcoin’s current valuation, while the actual use of the crypto market leader as a currency is responsible for only a relatively small fraction of its price. Speaking on CNBC’s Squawk Box, Pair revealed that BitPay intends to change this situation significantly over the next few years.
In his words:
“A very big component of the price is certainly speculation. It’s investors speculating on the future usage and adoption of this technology. A small component of the price is actual utility, and that’s what BitPay is focused on — using the platform and delivering products to our customers that they find valuable.”
Expected Predominance of Blockchain Payments
Speaking further, Pair stated that BitPay believes that mass adoption is a key driver of the future price of bitcoin, and it is focused entirely on building supporting infrastructure to make this possible. Responding to a question…
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