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Submission: On January 20 via api from US — Scanned from DE
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This website uses cookies to ensure you get the best experience. Learn more Got it! Toggle navigation * Crypto News * Margin Trading * Guides * Bitcoin & Crypto Guides 101 * Bitcoin For Beginners * Editorials * DeFi News * Buy * Language * Crypto News * Bitcoin For Beginners * Cryptocurrency Guides 101 * Editorials * Bitcoin & Crypto Margin Trading * DeFi & NFT News * Bitcoin Price Analysis * CryptoPotato Crypto Fund * Ethereum (ETH) Price Analysis * Ripple (XRP) Price Analysis * Market Updates * Interviews * Buy Bitcoin with Card Search for: Search BTC$42,099.00 ETH$3,144.90 * Market Updates * BTC Analysis * ETH Analysis * XRP Analysis * Interviews * Crypto Fund Home » Crypto News » Bitcoin Won’t be Used For Payments Anytime Soon: Paxos CEO BITCOIN WON’T BE USED FOR PAYMENTS ANYTIME SOON: PAXOS CEO Author: Martin Young Last Updated Jan 20, 2022 @ 08:22 The chief executive of stablecoin issuer Paxos has explained his reasoning why he thinks Bitcoin will not make it as a widely accepted form of payment. In an interview with CNBC’s ‘Squawk on the Street’ on Jan. 19, Paxos co-founder and chief executive Charles Cascarilla said that there will be plenty of changes in institutional appetite in 2022. > “The amount of interest and the amount of mainstream adoption that I see > coming is tremendous,” he said before adding that changes in price do not > equate to changes in fundamentals. BITCOIN IS A SPECULATION TOOL When asked whether this year will see more crypto assets such as Bitcoin or Dogecoin being used as payments, he was not so optimistic. He said that people want dollars, and they want to make payments in dollars. Cascarilla continued to opine that “money is a product, and it just hasn’t evolved fast enough with how our lives have changed,” adding that this narrative is why stablecoin usage has surged. The total market capitalization for stablecoins is about $173 billion, up more than 400% over the past year. He said suggested that crypto assets are primarily speculators and not likely to be used as payments: ADVERTISEMENT > “Do people want to use Bitcoin and Dogecoin to buy things? I’m not sure, I > think a lot of what that is about is owning an asset that’s going to go up … > its not really money today, dollars are money.” Cascarilla believes that 2022 will be the year that dollar-pegged stablecoins will be regulated and used for buying everyday goods and services, adding that it is “probably unlikely” that BTC will be used in the same way. However, it stands to reason that the boss of a stablecoin company would be more bullish on his own product than a decentralized rival payments option. STABLECOIN ECOSYSTEM OUTLOOK Paxos is a minnow among the stablecoins, ranked at ninth with just 1 billion circulating, giving it a stablecoin market share of 0.6%. Tether is still the industry leader with around 45% dominance though this has fallen heavily from 75% this time last year. Most of those losses have been to rival Circle as USDC supply has grown by 800% over the past 12 months to top 45 billion or 26% market share. The third-largest stablecoin by market cap is Binance USD (BUSD), which has a circulation of 14.2 billion tokens, according to CoinGecko. TerraUSD (UST) has taken the fourth spot from decentralized DAI with 10.7 billion tokens while there are just under 9.4 billion DAI circulating. On Jan. 13, CryptoPotato reported that a number of U.S. banks had formed a consortium to mint their own USDF stablecoins SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms). PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees. YOU MIGHT ALSO LIKE: * Singapore’s Central Bank Chairman Shows Openness to Stablecoins * Argentines Pay More For 1$ in Bitcoin or DAI Than For One Physical Dollar * Small Bitcoin Miner Beats the Odds and Gets 6.25 BTC Reward Tags: Bitcoin Stablecoins Enjoy reading? Share with your friends Facebook Twitter LinkedIn Telegram -------------------------------------------------------------------------------- ABOUT THE AUTHOR MARTIN J. YOUNG MORE POSTS BY THIS AUTHOR Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn BTC$42,099.00 ETH$3,144.90 JOIN OUR COMMUNITY -------------------------------------------------------------------------------- BITCOIN EDITORIALS THE BORED APE YACHT CLUB (BAYC) NFT COLLECTION: EVERYTHING YOU NEED TO KNOW HOW TO BUY AND SELL YOUR FIRST NFT ON OPENSEA? A STEP-BY-STEP GUIDE HOW TO PLAY AXIE INIFNITY? A STEP-BY-STEP GUIDE 10 MOST INFLUENTIAL CRYPTO PEOPLE OF 2021 HOW TO MINT YOUR FIRST NFT ON OPENSEA? A STEP-BY-STEP GUIDE JOIN OUR NEWSLETTER Become a CryptoPotato VIP One Weekly Email Can Change Your Crypto Life. Sign-up FREE to receive our extended weekly market update and coin analysis report We NEVER send spam. You can unsubscribe at any time. Invalid email address Thanks for subscribing! ADVERTISEMENT ABOUT Advertise on CryptoPotato About Us | Contact Us | Careers Terms of service | Privacy Policy | GDPR MORE SECTIONS IEO List | Evaluations Airdrops Scholarship Cannabis Stocks News | Market Analysis DISCLAIMER Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. 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