The breakneck pace of adoption of cryptocurrencies could lead to failure, warns

The adoption of cryptocurrencies at a UK-based payment program is flourishing in the first quarter of 2021, but if that trend continues may be contingent on the actions of those dispersing Bitcoin (BTC), warns Elon Musk, STICPAY manager James Bay.

The mobile payments program reported a 48% growth in crypto deposits in the first quarter of the calendar year, while fiat deposits were level. Bitcoin is obviously the money of option for many STICPAY e-wallet users, with Bitcoin deposits outperforming Ether (ETH), Tether (USDT) and Litecoin (LTC) deposits by over 38 times.

The firm also reported that a 185 percent increase in the number of users converting fiat to crypto working with the wallet’s built-in money converter, compared to the exact same point this past year. This comes combined with a 12 percent decline in the amount of users that swap cryptos back for fiat.

Customer service manager James Bay stated that more and more cryptocurrencies are being seen as a possible shop of value, but stated that bitcoin remains a leader.

“Cryptocurrency is increasingly being accepted as a reliable means of storing money. But we have to say that bitcoin is leading the change in payment habits and challenging fiat currencies prospects, ”Bay said.

Bay warns, “The move to crypto is proceeding at breakneck speed, but whether that trend will continue,” cautioned Bay, whose remarks came when crypto markets saw a steep decline after months of rapid expansion.

Bay considers the protagonist of the tendency could depend on the activities of public figures such as Elon Musk, whose powerful tweets are shown to increase (or decrease) the price of any land.

“As recently as today, the prominent Bitcoin evangelist Elon Musk announced that Tesla will no longer accept the coin for environmental reasons, which will come after the announcement in March that the business will be liquidated. Bitcoins,” stated Bay, speaking to the abrupt one Reversal of Elon Musk. Tesla’s choice to allow Bitcoin as a payment method for its electrical vehicles.

Another well-known Bitcoin evangelist, Michael Saylor of MicroStrategy, announced that an additional purchase of 271 BTC on May 13, hours later Musk reversed the payment in Bitcoin. The total number of bitcoins on MicroSTrategy’s balance sheet is 91,850 BTC, which were purchased at different prices early last year.

Meanwhile, more than $ 1 billion value of bitcoin, worth more than $ 1 billion, stays on Tesla’s balance sheet – a fact criticized by industry watchers who hold Musk prepared to benefit from a coin he thinks is environmentally damaging is a signal of hypocrisy.