Stephen Pair: “increase in the practical importance of bitcoin will restore its price”
Stephen Pair: “increase in the practical importance of bitcoin will restore its price”

The CEO of cryptocurrency payment service BitPay Stephen Pair to CNBC said in the interview that the current cost of bitcoin is more connected with a speculative component, and only its small part – with practical value. However by forces of the company he plans to change a situation.

“Speculation has very great influence on the price, and the real practical importance of bitcoin is only a small component of its price. The BitPay company concentrates the attention on this question – use of the platform and granting products which will be valuable to our clients”, – Pair told.

He considers that besides ETF of bitcoin there are many ways, having applied which it is possible to raise the cryptocurrency price to values of the end of 2017. The current annual volume of transactions in BitPay is $1 billion, however Peyr expects that in several years the figure will make already $10 billion, and over time and all $100 billion when cryptocurrencies are supported by a wide range of retailers and payment applications. According to him, thanks to this positive dynamics the rate of bitcoin will manage to be restored.

Pair also considers that possibilities of technology of a blockchain are much more extensive, and in the future it will be applied not only in cryptocurrency space, but also to formation of databases in universal use. By its approximate calculations, 3-5 years later clients will be able to come to restaurant or shop where payment with use of a blockchain will be supported.

“We consider that a large number of digital assets will be issued on a blockchain, as well as the majority of payments will be made by means of this technology. This vision is not limited to bitcoin or tokens which are presented to the market at the moment. On a blockchain also fiat currencies, such as dollars and euro will be issued. Therefore when we speak about payments on a blockchain, we mean not only payments in bitcoin. We speak about all types of digital assets which are possible for using for implementation of payments”, – Pair told.