Bitcoin has lost more than 40% of its value since reaching a new all-time high two months ago, but its adoption could surge higher.
Stephen Pair, CEO of crypto payments processor BitPay, believes that the adoption of Bitcoin is set to increase this year. According to Pair, the cryptocurrency space has reached an inflection point, and more people will adopt Bitcoin payment methods. He said;
“I think in 2022, you’ll see many more people — that next wave of people — getting interested in crypto both from an investment perspective and a ‘let’s try it for a payment’ [perspective]. There’s going to be many more places with that service — that you’ll be able to spend crypto and do it in an in-person setting, which may make people more comfortable trying it out than perhaps if it’s on a website where they’re not sure if they’re doing it right or wrong.”
A recent research conducted by PYMNTS shows that 14% to 15% of the American public owns or owned cryptocurrencies. Furthermore, 17% of Americans already planned to dip their toe into crypto by the end of the second quarter of 2022.
Pair believes that more companies will use BitPay’s services to accept cryptocurrency payments from their clients. He is confident that as more people enter the cryptocurrency space, it will become easier for companies to accept cryptos. He said;
“I think it’s just a matter of time until it gets to a point where it’s both easy, and there’s a compelling reason. There could be an inflection point in 2022 where it becomes more ubiquitous — where it starts to become a little unusual for you to not have some crypto and to have tried it out and maybe bought a little with it.”
The cryptocurrency space has experienced massive growth over the past few years. An increasing number of people are using cryptocurrencies to pay for goods and services in various parts of the world.