Mass Adoption of Cryptocurrencies Could be Just Around the Corner, BitPay CEO Says

cryptocurrency

It is no secret that this year (2018) has been a tough period for crypto markets, with the top digital asset by market cap Bitcoin (BTC) dropping from high from $20,000 one year ago to the recently established low of $3,200. This is truly a sad situation.

The poor performance of the market has made investors, traders and analysts, to ponder over what impetus will drive the markets back to the all-time-high prices they once established a year ago and beyond.

Bakkt, Fidelity Investments and Square to Pioneer the Next Bullish Cycle

The Chief Operations Officer at Bitpay, Sonny Singh, explained why he believes that increasing institutional adoption as well as crypto products from startups like Bakkt, Fidelity Investments, and Square, will help to drive the coming bullish cycle in the digital asset markets.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,437.00
-1.31%

Although Singh’s sentiment is shared among many individuals in the industry, BitPay’s chief executive officer (CEO) Stephen Pair, recently warned investors about placing too much stock in institutional adoption. Going on to add that widespread adoption of cryptocurrencies likely won’t occur for at least three to five years.

BitPay CEO: Widespread Crypto Adoption Imminent

Pair made a comment regarding the future of the virtual currency industry in an interview with CNBC in which he discussed the factors driving the market’s performance and the increase in institutional products. While speaking about the input of institutional cryptocurrency investment products, including the ones discussed by BitPay’s COO last month, Pair explained that there are many other positive events happening in the cryptocurrency sector adding that investors should not view things like the denial or approval of the Bitcoin ETF as a yardstick for the crypto industry.

Although the continued rout in the digital asset markets may have left the majority of investors feeling concerned about the state of things, Pair believes that widespread digital asset adoption may occur sooner than anticipated, regardless of the SEC’s final decision on the Bitcoin ETF. Pair explained:

“I used to say in 10 years, but I now think it is more like 3-5 years before you can go to a restaurant, retail establishment, and everybody is going to expect that the store will accept payments via the Blockchain.”

Crypto Markets are Driven Primarily by Speculation

Many crypto experts agree that the current price action may lead the public and a few investors to write off the technology. Some may even see Bitcoin and many other cryptocurrencies as useless. However, Pair declared, that the increase in the actual adoption of digital assets over the next few years, along with the increase in cryptocurrency utility that results from more innovation, will outweigh the issue of speculation in the space. Pair said:

A significant component of crypto prices is certainly speculation. It is about investors speculating about the future use and adoption of the technology. A small measure of the price is utility, and that is what BitPay has decided to focus on using the platform to deliver products to clients that they find valuable.”

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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