Paxos CEO Charles Cascarilla argued Wednesday that Bitcoin (BTC-USD) will not likely become a widely accepted form of payment in the near future, which makes him bullish on dollar stablecoins as a key cryptocurrency theme for 2022. In an interview with CNBC, the co-founder and chief executive at fintech Paxos added that the recent volatility in the crypto space does not suggest that people have given up on the long-term promise of the sector. Rather, he sees growing institutional demands for digital financial options. "The amount of interest and the amount of mainstream adoption that I see coming is tremendous," he said. "That's exactly why you can't look at the price and say, 'a change in price equals a change in fundamentals.'" Even with this long-term view of the crypto, Cascarilla expressed doubt that Bitcoin (BTC-USD) will become a widely accepted medium of exchange in the foreseeable future, contending that
