BitPay says it processed lowest Bitcoin payments last week

BitPay, a major crypto payment processor, has recently admitted that the share of Bitcoin (BTC) in their payments was the lowest last week while altcoins such as Dogecoin (DOGE) have been gaining some footing.

In an interview with Bloomberg TV cited by Cryptonews.com, company chief commercial officer Sonny Singh confirmed the development. “BitPay processes over a billion dollars a year, so people are spending crypto. The difference is that, about four years ago, 95% of that was coming from Bitcoin. Last week, we had our lowest Bitcoin [share] by measure with only 50%,” he said.

Singh, however, did not reveal any numbers and has also added that they are seeing a lot of volume coming from Dogecoin.

Good news for Bitcoin

The chief commercial officer of BitPay shared that they saw about 10% of their transactions come from Dogecoin (DOGE) last week and added that stablecoins are exciting parts of payments.

Singh, though, said that the latest market data could mean that Bitcoin will have a very important role for institutional investors as it will appear as a relatively low-risk investment compared to other crypto assets.

On the other hand, individual investors targeting high gains will lean towards more risk-oriented altcoins that show potential for huge short-term gains.

A different market right now

Singh pointed out that “three-four years ago that price drop, from 10, 15% could very easily become a 35-40% drop. I think that shows how the market and Bitcoin (BTC) is very different right now.”

He added that the digital currency started dropping, and the institutions came back to buy it mainly because they see anything below $50,000 as a good price and opportunity to buy.

The BitPay official also believes that as people make use of Bitcoin as an investment vehicle, stablecoins or other currencies centered around payments might be spent online.

 

Image courtesy of BitPay/YouTube

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