Paxos CEO worried about the use of Bitcoin as a payment mode

In an interview with CNBC’s “Squawk on the Street” on Jan. 19, Paxos co-founder and CEO Charles Cascarilla stated that institutional demand will alter significantly in 2022.

When asked if additional crypto assets, such as Bitcoin or Dogecoin, would be used as payment this year, he was pessimistic. People want money, he continued, and they want to make payments in dollars.

Cascarilla went on to say that “money is a product, and it just hasn’t developed quickly enough to keep up with how our lives have changed,” and that this narrative is why stablecoin adoption has increased. Stablecoins have a total market valuation of around USD 173 billion, up more than 400 per cent in the last year.

According to him, crypto assets are mostly for speculators and are unlikely to be used for payment.

Cascarilla predicts that dollar-pegged stablecoins will be regulated and used to purchase ordinary goods and services in 2022, adding that BTC will be “probably improbable” to be used in the same way.

However, it seems reasonable to reason that the CEO of a stablecoin firm would be more confident in his product than the CEO of a decentralised competing payment option.