Wallet executives warned that the extremely rapid adoption of encryption technology could lead to whiplash

In the first quarter of 2021, the adoption of cryptocurrencies by UK-based payment applications is booming, but whether this trend continues may depend on Bitcoin’s actions (Bitcoin) Elon Musk and other evangelists warned STICPAY director James Bay.

The mobile payment app reported that cryptocurrency deposits increased by 48% in the first quarter of this year, while fiat deposits remained the same. For most e-wallet users of STICPAY, Bitcoin is obviously the preferred currency, and Bitcoin deposits use Ether (ETH), Tether (USDT) and Litecoin (LTC) More than 38 times.

The company also reported that compared with the same period last year, the number of users converting fiat currency to cryptocurrency through the currency converter built into the wallet has increased by 185%. As a result, the number of users who exchange cryptocurrencies for fiat currencies has decreased by 12%.

Customer Service Director James Bay (James Bay) said that more and more cryptocurrencies are gaining reputation as a potential store of value, but said that Bitcoin is still at the forefront.

“More and more cryptocurrencies are seen as a trustworthy store of currency value. But we have to say that it is Bitcoin that changes payment habits and prospects, which poses a challenge to fiat currencies.” Bay said.

Bay warned: “The transition to cryptocurrency is developing at an alarming rate, but it remains to be seen whether this trend continues.” After months of rapid growth, the cryptocurrency market experienced a sharp decline. Made the above comments.

Bay believes the continuation of the trend may depend on the behavior of public figures such as Elon Musk. Influential tweets Proven to improve (Or sink) The price of any coin he mentioned.

Bei said: “Even today, the high-profile Bitcoin promoter Elon Musk announced that Tesla will no longer accept the currency, citing environmental concerns, all of which are in 3 It was announced this month that the business will be paid in Bitcoin. “Tesla decided to allow Bitcoin as a payment method for its electric cars.

Michael Saylor of MicroStrategy, another high-profile Bitcoin promoter, announces the purchase Another 271 BTC On May 13, Musk reversed the Bitcoin payment a few hours later. The total number of bitcoins on MicroSTrategy’s balance sheet is 91,850 BTC, and various amounts of bitcoins have been purchased at different prices last year.

At the same time, Tesla’s balance sheet still has more than $1 billion worth of bitcoin-a fact that has drawn criticism from industry observers who believe that Musk is willing to profit from coins that he considers harmful to the environment. Signs of hypocrisy.