- Stephen Pair, the CEO of BitPay, claims that the use case of the token will evolve, and the prices will surge
- High transaction fees of the token disable it to be used for small payments
- firms like BitPay crypto asset manager can help banks to embrace cryptocurrency without delays
BitPay CEO Stephen Pair is observed being bullish against the leading crypto asset. According to Pair, the strength of Bitcoin has been generated due to several factors. Among the many factors, institutional interest is one of the main factors, as more significant financial firms are investing a portion of their balance sheet into the flagship cryptocurrency.
Where firms like MicroStrategy and Tesla are diving deep into Bitcoin, some hedge funds and banks are also observed making leaps. Following the facts, it seems like this time is entirely different, as the institutions have created a new era for cryptocurrency.
Stephan of BitPay claims that Bitcoin’s use cases will evolve
According to Stephan, following the moves of institutions, it seems they are developing an environment where more individuals want to get exposure to Bitcoin. However, As Bitcoin is the oldest and most secure of all cryptocurrencies, it doesn’t seem to be changing much from now. With stability at where the token is now, it will gain more use case and utility.
Bitcoin is not for small payments due to high transaction fees
Pair noted that commerce spans of BitPay had enabled dealership and payments for everything via Bitcoin. To monetize the world’s most famous crypto-token, some individuals realize that their most valuable holdings are also the least liquid. If the crypto manager did not exist, then many would have to move their holdings to exchanges. However, using Bitcoins for payments is expensive. On the other side, congestion on the network can also be expected. Following the higher transaction fees, it seems like the token is not suitable for smaller value transactions.
What is the future of the leading cryptocurrency?
In recent days the price of Bitcoin has continued its bullish rally to cross the price level of $50k. According to Pair, the potential use of the crypto token is as a store of value. Following where the token is now, it doesn’t seem that banks will be embracing the cryptocurrencies wholeheartedly. However, a part of the cryptos will be embraced due to a technological heavy lift. According to Pair, to embrace cryptocurrency, banks will need to upgrade their software, taking more time. Indeed, partnering with FinTech firms like BitPay will help the banks embrace the new monetary system.
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