RATE Group | Bitpay CEO: Bitcoin Price Built Off “Speculation”
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Bitpay CEO: Bitcoin Price Built Off “Speculation”

15 Dec Bitpay CEO: Bitcoin Price Built Off “Speculation”

Posted at 20:05h in Bitcoin News by

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Big Component Of Bitcoin Price Is “Speculation”

Since the monumental run-up in the Bitcoin price during 2017, pundits have speculated that traders have ousted investors, creating an environment that has been rife with price speculation. In a recent interview with CNBC’s Squawk Box, Stephen Pair, CEO of the world-renowned crypto-friendly payment processor that is BitPay, confirmed this theory.

Speaking on the aforementioned outlet’s “Squawk Box” segment, Pair, presumably located in BitPay’s Atlanta headquarters, was first asked if BTC at $3,200 (current prices) is a fair value for the well-recognized digital asset. Turning the question somewhat on its head, long-time crypto savant Pair, formerly of IBM, noted that “it’s hard to say,” as a big component of the asset’s value is centered around speculative orders, which attempt to gauge how much impact BTC will have on society.

Yet, he added that a “small component” of BTC’s U.S. dollar valuation is tied…

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