Stephen Pair, the CEO of BitPay, declared that speculation is a substantial Bitcoin price driver, while “actual utility” is not.
Speaking on the reasons behind Bitcoin’s current value, compared to its historic price highs, Pair told reporters:
“A very big component of the [Bitcoin’s] 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.”
When asked about a Bitcoin ETF’s potential to stimulate a price rally, Pair argued that “not just ETF adoption or ETF launches” could be catalysts for price movement, but that “adoption will push the prices higher,” adding optimistically:
“I do think…
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