The recent Bitcoin price run has been a long time coming to many observers. BitPay, recently in the news a lot regarding their landmark partnership with ESPN to launch a Bitcoin Bowl, and other large Bitcoin companies are poised to benefit from increased attention and activity in the Bitcoin world.
The recent take down of Silk Road 2.0 and dozens of other Deep Web/Dark Net marketplaces by the FBI and other government agencies has driven mainstream media coverage of Bitcoin, Tor, and cryptocurrencies in general.
Also read: Bill Gates: “Bitcoin Technology Is Key”
Speaking to CCN.com, BitPay Co-Founder and Executive Chairman Tony Gallippi gave BitPay’s view on the rising price of bitcoin:
We think the rising price of bitcoin signals that mainstream adoption continues to increase and further validates cryptocurrency’s place in the market. As merchants continue to integrate bitcoin into their payment platforms and the holiday shopping season gets into full swing, we think the immediate outlook for bitcoin is incredibly strong.
Some in the Bitcoin community blamed the seemingly incessant drop in Bitcoin price over the last several months on the very mainstream merchant adoption that companies like BitPay, Coinbase, and GoCoin have been working tirelessly to achieve. It is true that for most items bought using Bitcoin through a Bitcoin payment processor, the bitcoins received are immediately “dumped” on the market. However, increasingly more companies, such as Overstock, actually hodl 10% of the bitcoins received (Like a Gentlemen?). The drop in fraud and lack of credit card processing fees saves merchants a significant percentage, and the incentive to share said saving with Bitcoin customers is strong, and also increasing.
What do you think about Bitcoin’s immediate outlook? Comment below!
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Editor’s Note: A previous version of this article incorrectly referred to Tony Gallippi as the CEO of BitPay, he is no longer the CEO of BitPay and his official title is Executive Chairman.