In a recent interview with CNBC, Bitpay’s CEO, Stephen Pairs, speaks about what drives Bitcoin’s (BTC) price, the potential of a BTC ETF, and the likelihood of mass adoption.

Since the run-up in the price of Bitcoin in 2017, many have speculated that investors have been ousted by traders, creating an environment that has been rife with price speculation.

Stephen Pair (Bitpay’s- CEO) in a recent interview with CNBC’s Squawk Box, confirmed this theory. Speaking on the outlet’s “Squawk Box” segment pair, he was initially asked if BTC at $3200 is a fair value for the well-recognized digital asset.

Turning the question on its head, long-time crypto savant pair, noted that “it’s difficult to say,” as a large fraction of the asset’s value is based on speculative orders, which aims to gauge how much influence BTC will have on the society.

Speculation the main catalyst for Price- Bitpay CEO

On whether a Bitcoin ETF would be a “catalyst” for a new all-time high, Pair responded that there is scope for “many catalysts” not just an ETF; alluding to the idea that an ETF is not the be all or end all of the cryptocurrency.

“A very big component of the price is certainly speculation. It’s investors that are speculating on the future usage and adoption of this technology. I’m sure a small component of that price is the actual utility.”.

Pair adds that further user adoption will push the prices higher and “if history is any guide” we’ll see new all-time high’s in regard to cryptocurrency prices.

Bitcoin mass adoption just around the corner

Answering a question about blockchain-based currencies’ use in daily transactions, the BitPay CEO told CNBC that he expects such adoption to occur on a mass scale in under half a decade, stating that:

“I used to say 10 years, but now I think it’s more like 3-5 years until you can go into a restaurant, a retail establishment, and just everybody’s going to expect that that store will be able to accept a blockchain payment.”

Pair then further noted that he was not just referring to “Bitcoin or the various tokens that we see today [but] also about issuing dollars on a blockchain or euros on a blockchain.”

According to Hester Peirce, a commissioner for the United States Securities and Exchange Commission (SEC), the approval of a Bitcoin ETF is not necessarily close at hand. Peirce said that an approval “could be 20 years from now” or “tomorrow,” urging the crypto community to not “ hold [its] breath.”

A study published by the Cambridge Centre for Alternative Finance this week stated that the number of verified cryptocurrency users nearly doubled this year. A Bloomberg analysis of the study claims that the increase in crypto’s user base, despite prices declining, “could signal that an eventual recovery could be coming.”

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