• Sat. Jun 22nd, 2024

Etsy CEO Does Not See Bitcoin Gaining Mainstream Adoption This Year

Phillip Seefeldt

ByPhillip Seefeldt

Feb 28, 2021

Even though Bitcoin is gradually moving towards a full-scale adoption, analysts and experts still predict that it will happen in years to come. Even though most people have taken the peer-to-peer system to send and receive coins over the years, the digital asset has still not been adopted as a payment mode.

In a rather convincing tone, the CEO of Etsy, Josh Silverman, has waded into the debate that has gone on for a long on how sustainable Bitcoin is for payments for goods and services. In his review, Silverman mentioned that he does not see Bitcoin ticking that box in the coming years due to some reasons best known to him.

Silverman says Bitcoin cannot be used as payments in stores

According to Silverman, even though he sees Bitcoin as a very good investment, he does not think that the digital asset possesses enough to be used in online stores. He also signaled that his investment would not be joining Tesla and other firms that have chosen to invest in the digital asset at this present time.

In his interview, Josh Silverman mentioned that he thinks that Bitcoin is quite young, and at this present time, it cannot be used as a legal tender. He also mentioned that another factor that has limited the mainstream adoption of digital assets is that only a select few own them. He mentioned that even though he doesn’t rule anything out when it comes to the crypto market, he does not think that all those things mentioned above would happen this year.

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Silverman’s word came in the hack of a very torturing week for all and sundry in the crypto market. Bitcoin reminded everyone that even though greens may abide for a long time in the market, it doesn’t mean that the bears won’t trigger a decline when it comes.

Etsy statement shows that Bitcoin is speculative

Bitcoin led the correction in the entire market as it triggered the bears to witness a correction of about 15% in under 24 hours. With the correction, the leading digital asset’s price went from trading at an all-time high of $58,000 to trade somewhere around $46,000. With the crash, Bitcoin saw a total of about $100 million shoved off from its market cap.

Before that time, Bitcoin initially celebrated a milestone market cap figure that touched $1 trillion to upset other big entities. Even though several institutional entities backed the digital asset with massive purchases, it had little or no effect on the price of the digital asset. After signaling its plans to start accepting Bitcoin, Tesla led the adoption some weeks back after the firm pooled about $1.5 billion into the leading digital asset.

Microstrategy also saw its total Bitcoin hodling top $4.5 billion after an interesting but of the leading digital asset worth $1 billion some weeks back. Despite the decline, Microstrategy CEO Michael Saylor has reiterated his stance to buy more digital assets. Etsy has continued to remind the entire crypto population how speculative an asset Bitcoin is, showing why they are not jumping the gun.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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