- Bitcoin would not make it as such a widely accepted mode of payment, says Paxos CEO Charles Cascarilla.
- Stablecoins might witness regulations this year and might have a wide adoption for buying everyday goods and services, he predicts.
- Cascarilla himself is the CEO of a stablecoin issuer and has more positive views about the dollar-pegged coin than BTC or Dogecoin.
In a recent interview, the CEO of Paxos, Charles Cascarilla, said about the world of cryptocurrency and the changes it might witness in 2022. He thinks Bitcoin will not make it a widely adopted payment mode and explained his reasons behind that.
According to him, the changes in mainstream adoption and the interest he can see coming are immense. And later about how price changes are not equal to changes in fundamentals.
What does the Paxos CEO say about Bitcoin?
Though he isn’t so optimistic about cryptocurrencies like Bitcoin or Dogecoin adoption for payments in the future. He said that people want dollars and want to make payments through the same. Cascarilla continued to suggest that money is a product, and it has not evolved fast enough with how our lives have changed. He added this is why the usage of stablecoins has increased. The total market capitalization has gone up by 400% in the last year, valuing around $173 billion.
According to him, he’s not sure whether people would want to use Bitcoin or Dogecoin to purchase things. That it’s all about owning as an asset that’s going to go up, but dollars are money.
He further added that dollar-pegged stablecoins will be regulated and widely adopted for buying goods and services, and it probably won’t happen with Bitcoin.
Although Paxos itself is a decentralized stablecoin issuer, there’s a possibility that the CEO thinks so because he has more belief in the ecosystem than others.
Paxos is a financial institution and tech company that specializes in Blockchain. The stablecoin of Paxos is ranked at ninth and has a circulation of just 1 billion. It has a stablecoin market share of 0.06%
But the leaders in the stablecoin market remain Tether, USDC, Binance USD and Terra.
Tether has around 45% dominance, although USDC recently surpassed it in terms of the total supply.
Some people do believe that dollar-pegged stablecoins are a much better option. In Fact, the market share of stablecoins surging over 400% is a great sign for its increasing adoption. Only the year that has just started will tell whether Cascarilla’s predictions about the widespread adoption stands true or was it just because he is the CEO of a stablecoin ecosystem.