The CEO of crypto merchant platform BitPay Stephen Pair stated that speculation on future adoption drives Bitcoin’s (BTC) price more than “actual utility,” in an interview on CNBC Dec. 13.

Speaking on the reasons behind Bitcoin’s current value, compared to its historic price highs, Pair told reporters:

“A very big component of the [Bitcoin’s] price is certainly speculation. It’s investors that are speculating on the future usage and adoption of this technology. I’m sure a small component of that price is the actual utility.”

When asked about a Bitcoin ETF’s potential to stimulate a price rally, Pair argued that “not just ETF adoption or ETF launches” could be catalysts for price movement, but that “adoption will push the prices higher,” adding optimistically:

“I do think we’ll see those kinds of prices at some point in the future, if history is any guide.”

Answering a question about blockchain-based currencies’ use in daily transactions, the BitPay CEO told CNBC that he expects such adoption to occur on a mass scale in under half a decade, stating that:

“I used to say 10 years, but now I think it’s more like 3-5 years until you can go into a restaurant, a retail establishment, and just everybody’s going to expect that that store will be able to accept a blockchain payment.”

Pair then further noted that he was not just referring to “Bitcoin or the various tokens that we see today [but] also about issuing dollars on a blockchain or euros on a blockchain.”

According to Hester Peirce, a commissioner for the United States Securities and Exchange Commission (SEC), the approval of a Bitcoin ETF is not necessarily close at hand. As Cointelegraph recently reported earlier this month, Peirce said that an approval “could be 20 years from now” or “tomorrow,” urging the crypto community to not “ hold [its] breath.”

A study published by the Cambridge Centre for Alternative Finance this week stated that the number of verified cryptocurrency users nearly doubled this year. A Bloomberg analysis of the study claims that the increase in crypto’s user base, despite prices declining, “could signal that an eventual recovery could be coming.”

This post is credited to cointelegraph

The Copay wallet from U.S.-based bitcoin payments processor BitPay has been compromised by a hacker, the firm says.

Bitpay announced Monday that it learned about the issue from a Copay GitHub report indicating that a third-party JavaScript library used by the apps had been modified to load malicious code.

The malware was deployed on versions 5.0.2 through 5.1.0 of its Copay and BitPay wallet apps, and could potentially be used to capture private keys to steal bitcoin and bitcoin cash.

BitPay said:

“However, the BitPay app was not vulnerable to the malicious code. We are still investigating whether this code vulnerability was ever exploited against Copay users,”

The firm is asking users to not run or open the Copay wallet if they are using versions from 5.0.2 to 5.1.0. It has now released an updated version (5.2.0) without the malicious code for all Copay and BitPay wallet users that will be available in app stores “momentarily.”

BitPay stressed: “Users should assume that private keys on affected wallets may have been compromised, so they should move funds to new wallets (v5.2.0) immediately.”

Bitpay has also advised users to not move any funds to new wallets by importing their 12-word backup phrases, since they correspond to “potentially compromised private keys.”

“Users should first update their affected wallets (5.0.2-5.1.0) and then send all funds from affected wallets to a brand new wallet on version 5.2.0, using the Send Max feature to initiate transactions of all funds,” it explained.

The attack appears to have been carried out by a supposed developer called Right9ctrl who took over maintenance of the NodeJS library from its author who no longer had time for the work, ZDNet reports. The social engineering attack occurred about three months ago when Right9ctrl was granted access to the repository, at which point they injected the malware.

Jackson Palmer, the creator of the dogecoin cryptocurrency, tweeted in response to the news: “This is one of the major issues with JavaScript-based cryptocurrency wallets with heavy up-stream dependencies coming from NPM. BitPay essentially trusted all the up-stream developers to never inject malicious code into their wallet. ”

This post is credited to coindesk