Bitcoin has been touted as the future of payments, and some cryptocurrency experts believe it will happen.
The CEO of cryptocurrency payment processor BitPay, Stephen Pair, believes that as the popularity of owning Bitcoin increases, more and more people will use the leading cryptocurrency as a payment method.
Pair made this statement in an interview with PYMNTS today . He told PYMNTS' Karen Webster that Bitcoin's price volatility would not affect the adoption of Bitcoin as a payment method. pair said:
“I think a lot of people will use it as a form of payment. When the price is low, they tend not to spend the money. If the price is higher, they spend it. And the same goes for the other volatile cryptocurrencies.”
BitPay has grown into one of the world's leading cryptocurrency payment processors. The company mainly supports bitcoin, five stablecoins and a few other cryptocurrencies.
He pointed out that people can circumvent Bitcoin's price volatility by effectively hedging their spending-oriented BTC with stablecoins. pair added:
“We're thinking about ways we can alleviate this and allow people to transact even when the bitcoin price is low. One of them are stablecoins. Instead of making their purchase natively in bitcoin, when the price is high, they convert to stablecoins.”
Pair added that users could buy their items using stablecoins, which locked in a cheap BTC price.
“I think our 30-day moving average was somewhere near 15% of our volume in stablecoins. Making your day-to-day payments is much easier when you do it in the currency of your accounting system.”
The Federal Reserve is trying to regulate the stablecoin ecosystem, but Pair said they shouldn't rush it. BitPay's CEO explained:
“I think the federal reserves should just let private industry issue stablecoins and not be in a hurry to do it themselves.”
The cryptocurrency market has underperformed over the past few hours, with Bitcoin currently trading below the $43,000 level.
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