By Alicia Maher
He thinks the recent cryptocurrency CEO hearing in Washington is a good sign. The hearing with the Congress was held on Wednesday and it had the attendance of 6 crypto CEOs.
According to a recent Grayscale analysis, crypto use has increased dramatically in the previous year.
Bitpay’s CEO believes cryptocurrency popularity is only just beginning. He predicts significantly more adoption in 2022.
A Lot Of Positives In Terms Of Partnerships And Collaborations
Several positive factors contributed to the bullish sentiments of Bitcoin over the past few days. Firstly, a business intelligence company in the United States added more Bitcoin assets to its investment cache amidst the bearish turn of the crypto market.
The company, MicroStrategy, bought bitcoin every month for the past 6 months. The company believes that bitcoin is a digital asset for the future, which denotes a HODL sentiments. The company challenges other institutional investors to ape into the cryptocurrency space.
Secondly, the bitcoin hashing rate doubled significantly in the past few days. And lastly, crypto is infiltrating into the public’s mindset more than ever. The coming year is bullish, as people should expect to see a lot of trading and investing activities for crypto.
Thirdly, the crypto hearing that happened on Wednesday where the Congress discussed with 6 CEOs of major crypto startups. The crypto space caught the attention of the lawmakers and regulators in the United States. Although this call happened at a time when crypto market capitalization declined, it shows the buzz that crypto was generating in the society.
Likewise, Sherrod Brown demanded information concerning consumer protection especially for stable assets, called stablecoins. The chairman of the Senate Banking Committee requested for the document from the Crypto startups to determine the safety of the space.
There are also several positives for other alternate coins. Several Altcoins had collaborated with financial and technological platforms to draw further support from their communities as the year rounds up.
Massive Adoption By The Public
Cryptocurrencies are infiltrating into the domains of fiat currency, according to Stephen Pair, CEO and co-founder of BitPay. He cites BitPay’s adoption stats over the last year as proof.
“Our platform supports around 14 currencies. In comparison to last year, we had a 57 per cent rise in payments,” Pair stated. “Stablecoins have recently become our platform’s fastest-growing payment mechanism. People are buying luxury products, electronics, boats, automobiles, and real estate.”
BitPay has been processing Bitcoin and Bitcoin Cash payments since 2011. The number of firms using the Atlanta-based payment platform has steadily increased. As of 2014, BitPay had over 10,000 merchants, with no indications of slowing down. Sixty-five thousand five hundred transactions are recorded from Bitcoin every month, accounting for more than half of all payments.
Pair indicated that BitPay was revealing new brands that will start accepting bitcoins. “One day, you will walk into a restaurant and see [crypto] as a payment option alongside others,” he said.