By PYMNTS.com, on 26 Aug 2022
Stablecoin Payment Volumes Increase
Stablecoins now account for 20% to 25% of BitPay’s volume — which is about double the number BitPay gave (during an earlier PYMNTS interview) in January, before it was clear to crypto investors that bitcoin’s decline from its November all-time high was just the beginning of a much longer slide.
That certainly supports his theory that the longer-term holders bought stablecoins when bitcoin and ether were at the top to take some profit, which they use for expenses and other purchases when the price of their volatile crypto holdings drop, and they don’t want to be forced to sell some low.
It’s enough growth that BitPay just added a euro-denominated stablecoin to make the tactic easier for European consumers and merchants.
Looking to the Merge Payment Volumes
Stephen Pair — whose company has been providing the back end and services that merchants need to accept crypto payments for 11 years — said he’s about 75% positive that this is the bottom of the crypto winter cycle.
However, bitcoin’s history hasn’t seen that bounce come very quickly, Pair acknowledged. “People over invest, and then they put too much money into it, and then they have to sell it because they need to eat, or they have expenses that they have to cover,” he said. “But the worst possible reason you could sell is because you’ve gotten emotionally attached to it and you think it’s going lower and you panic sell.”
Please watch the interview & read the rest of this article here
