What affects the Bitcoin price? The response of the CEO of BitPay

CEO of BitPay Stephen Peyre said that for the most part determine the price of Bitcoin speculation. Only a small part of the influence has the actual main cryptocurrency as means of payment. Speaking in the transmission of Squawk Box on CNBC, Peyre told about the plans BitPay to radically change this situation. According to him, it will happen in the next couple of years.

Speculation is a very large component of the price of Bitcoin. Investors speculate on future applications and implementation of this technology. The real usefulness almost does not affect the price, and it focuses BitPay. We provide the platform and provide our customers with the delivery of products that they consider valuable.

The dominance of payments on the blockchain is not far off

According to Peyrat, BitPay key driver of the future exchange rate of Bitcoin is the massive adoption and the company is completely focused on creating a supportive infrastructure that will allow it. As writes the CCN, the expert answered the questions regarding the price impact of the long-awaited approval for a Bitcoin ETF. Peyre said that this is not the only catalyst that can spur the price of Bitcoin is above last year’s highs.

He believes that the BitPay transaction volume in the next few years is expected to grow from 1 to 10, or even $ 100 billion per year. This is a result of customer expectations, according to which cryptocurrency payments will become an integral functionality of retail and payment applications. Peyre States that when this situation becomes a reality, the price of Bitcoin could jump to new highs.

BTC/USD. Source: Bitstamp

In addition, the introduction of the blockchain expands far beyond Cryptoprotected technology will become a standard database. Already in 3-5 years of daily users can expect support cryptopedia in many restaurants or stores.

Our company develops the conditions for such a future. It’s not just about Bitcoin or the existing tokens. Most likely, even dollars and euros will start to operate in the ecosystem of the blockchain. So we’re not talking about Bitcoin payments, but rather on the blockchain-payment in whole. We’re talking about absolutely all types of digital assets that can be used for such operations.

More data look at cryptodata.

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