Bitcoin’s future as a payments tool is excellent, Says BitPay CEO
Bitcoin has been touted as the future of payment, and some cryptocurrency experts believe it would happen.
The CEO of cryptocurrency payment processor BitPay, Stephen Pair, believes that as Bitcoin ownership becomes more popular, an increasing number of people will use the leading cryptocurrency as a payment method.
Pair made this statement during an interview with PYMNTS earlier today. He told PYMNTS’ Karen Webster that Bitcoin’s price volatility wouldn’t affect the adoption of Bitcoin as a payment method. Pair said;
“I think a lot of people will use it as a payment mechanism. When the price is down, they tend not to spend it. When the price is higher than they do spend it. And the same is true of the other volatile cryptocurrencies.”
BitPay has become one of the leading cryptocurrency payment processors in the world. The company majorly supports Bitcoin, five stablecoins and a few other cryptocurrencies.
He pointed out that one-way people can work around the price volatility of Bitcoin is by effectively hedging their spending-focused BTC with stablecoins. Pair added that;
“We’re thinking of ways that we can alleviate that and allow people to transact, even when the price of bitcoin is low. One of those is stablecoins. Instead of making their purchase in bitcoin natively, when the price is high, they’ll convert into stablecoins.”
Pair further added that users could purchase their items using stablecoins that have locked in a favorable BTC price. He also stated that;
“I think our 30-day moving average was somewhere in the neighborhood of 15% of our volume was in stablecoins. Conducting your day-to-day payments, it’s much simpler if you’re doing it in the currency of your accounting system.”
The Federal Reserve is looking to regulate the stablecoin ecosystem, but Pair said they shouldn’t be in a rush to do so. The BitPay CEO stated that;
“I think the federal reserves should just let the private industry issue stablecoins and not be in such a rush to do it themselves.”
The cryptocurrency market has been underperforming over the past few hours, with Bitcoin trading below the $43k level at the moment.