Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?

Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?
Research and analysis reveal that Tether could be the world’s most used cryptocurrency for months now because its daily and monthly trading volumes surpass those of Bitcoin by far.
Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?

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Source: CoinSpeaker

Circle CEO Thinks China’s Cryptocurrency Will Lead the Crypto Competition

Circle CEO Thinks China’s Cryptocurrency Will Lead the Crypto Competition
Circle CEO Jeremy Allaire said that China’s research and development on CBDC outclass its peers and the digital version of Chinese Yuan could possibly bypass the Western banking system.
Circle CEO Thinks China’s Cryptocurrency Will Lead the Crypto Competition

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Source: CoinSpeaker

Jeremy Allaire Analyses Recent Growth in Bitcoin and Expectations from G7

Bitcoin, which was looking to break bearish in the past week, rejected yet another attempt to fall below $9000. The price of Bitcoin at 5: 30 hours UTC on 20th August 2019 is $10,796. It is trading 2.83% higher on a daily scale.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
The Bakkt announcement has had a significant positive effect on market sentiments. Moreover, Bitcoin’s primary utility at this time is a ‘safe haven’, hence, the rise was being attributed to the growing unrest in Hong-Kong. However, there are significant concerns about whether the correlation is real or just speculation.
Jeremy Allaire, CEO at Circle mentioned in a recent interview that the ideology of Bitcoin as a safe haven surely gets a push in areas where “intense concern about capital control is there.” However, one cannot “measure at any given time” the correlation to speculation or actual buying from the affected regions.
Moreover, he also added that “last week was a significant kind of risk-off week for equities”, meaning that investors seemed to be moving to less risky assets. While this can again be a positive signal for Bitcoin, he also warned that Bitcoin is already up about 200% in the last 9 months, therefore, they might look to book their profits there as well.
G7 Expectations: Good or Bad?
The G7 Conference will convene on the 24 August, 15 nations along with the FAFT Financial Action Task Force (on Money Laundering) will discuss on the matter. The FAFT recently implemented the ‘travel rule’ guidelines for crypto exchanges and service providers to tackle the problem of money laundering through crypto.
Moreover, any restrictive law imposition or negative view of Bitcoin or cryptocurrencies could adversely affect the price. Joe Kernen asked Jeremy about the focus on crypto that can be expected in it. He said,
“Crypto as an agenda item is absolutely on the docket. Its becoming obviously an agenda item… Not just because of the growth in Bitcoin, but also stablecoin like the US dollar coin and Libra”
Nevertheless, he does not expect any specific policies to be announced. He only expects them to reveal their ‘perspective’ on it.
Will the perspective be positive or negative? Please share your views with us. 
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Source: CoinGape

Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset

Bitcoin’s narrative is ever-changing. It started out with more of a focus on its use as a payment currency, or “peer-to-peer electronic cash system,” then the focus shifted to “store of value” once more investors began thinking long-term with cryptocurrency.
The latest twist to the Bitcoin narrative has turned it toward a safe haven asset in the face of growing economic turmoil, and even CEO of Circle Jeremy Allaire agrees that Bitcoin is a “very attractive asset in that context.”
Global Economic Turmoil Changing the Narrative Around Crypto
Bitcoin started out itself life as a “peer-to-peer electronic cash system,” or in other words, a way to transfer value across the internet without the need for a third-party to keep the network safe, or secure.
Later, the narrative surrounding the first-ever cryptocurrency turned to the “store of value” due to the “HODL” effect, or a phenomenon where a large number of investors holding BTC for the long-term, store value in the asset due to the belief that this value will grow in the future.
The two narratives combined – the decentralized or “non-sovereign” transactional and transferability aspects, along with the store of value narrative – have resulted in a new narrative forming: Bitcoin as a safe haven asset.
Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset
Much like Bitcoin as designed to be a system for transferring value, and a way to store value, additional unique attributes were hard-coded into its network to solve other problems Bitcoin’s creator Satoshi Nakamoto saw in current fiat-based monetary systems.
The biggest issue Satoshi set out to solve was the ongoing inflation in fiat currencies at the hands of governments being irresponsible with decisions governing other people’s money. Bitcoin is hard-capped at 21 million BTC and features a unique system called a “halving” that further reduces the supply of bitcoins trickling back into the market. This ensures as Bitcoin’s network grows, so does its value, and more BTC can never be issued.
All of this combined has also made Bitcoin a safe haven asset, even despite its notorious volatility and ability to wipe out as much as 90% of its gains from a previous rally.  Through it all, Bitcoin has proven it cannot be stopped, cannot be controlled, and given the fact, only 3 or 4 months buying BTC has ever led to long-term losses, its store of value narrative has been repeatedly been proven.
Circle CEO Believes in Bitcoin as a Safe Haven Asset
As CEO of the Goldman Sachs-backed Circle Jeremy Allaire points out, “humanity has now created a non-sovereign, highly secure mechanism to store value that can exist anywhere that the internet exists.”

"Humanity has now created a non sovereign, highly secure mechanism to store value that can exist anywhere that the internet exists," says @jerallaire on #btc surge amid #TradeWar
— Squawk Box (@SquawkCNBC) August 5, 2019

The CEO says that while looking at the risk associated with assets, the fact Bitcoin is uncensorable and unseizable makes it among the most “attractive” safe haven assets when considering overall global economic risk. Allaire made the comments while speaking on CNBC’s Squawk Box in a recent segment. Since the recent Facebook Libra controversy, crypto has been a common theme across the show.
The safe-haven discussion in recent weeks has heated up significantly, with both BTC and gold rallying and a strong performance by the Swiss franc and Japanese yen in the face of growing economic concerns. The demand for this asset has only grown in the crypto space, with crypto exchanges like eToro and PrimeXBT offering access to these safe-haven assets alongside Bitcoin.
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Source: New

Circle’s head of trading division Dan Matuszewski resigns

Circle, one of the key institutions involved in the crypto ecosystem, has recently witnessed several changes transpiring in the company. It was announced that Circle’s head of trading, Dan Matuszewski, had formally resigned and parted ways with the company. Circle is one of the few institutions apart from Coinbase and Binance that provides OTC trading for […]
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Source: AMB Crypto

Circle CEO Urges U.S. Congress To Adopt Frameworks That Support Cryptocurrencies

Circle CEO, Jeremy Allaire, yesterday appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs to testify on issues relating to blockchain technology and cryptocurrencies.
Prior to the Senate hearing in which Jeremy was the only witness to testify for blockchain and cryptocurrencies, Jeremy had earlier Tuesday, submitted his testimony, in which he had made major propositions and drafted several use cases and importance of blockchain and cryptocurrencies to the U.S. Congress.
In his drafted testimony, Jeremy had stressed on issues pertaining to the current financial system’s inefficiency along the lines of cost, effectiveness, ease of transaction and being primitive. Expressing the need to measure up to the inbound blockchain technology, Jeremy maintained that it was imperative for the U.S. to step up to the challenges faced by the current system which inhabit money launderers and many other forms of illicit financial crimes rising up to about 99% over the years.
Furthermore, Jeremy also testified along the lines of future developments, maintaining that if proper measures were taken, a drastic change that would benefit the lives of citizens was imminent. A future where digital currencies will become the order of the day and a low for direct transactions between any two pair from their mobile devices and become free services on the internet.
During the Senate Hearing, Jeremy Urged the U.S. Congresspersons to adopt the regulatory frameworks that would support blockchain and cryptocurrencies in the U.S.
In Jeremy’s words,
“It is vital that we allow innovators room to grow in the United States. Congress should adopt national policies that define and establish digital assets as a new asset class including appropriate rules and exemptions.”
In the light of Jeremy’s testimony, few Congresspersons agreed with Jeremy’s point of view of national security and financial improvement along the lines of blockchain and cryptocurrencies. Congressman and committee chairman Mike Crapo commented,
“It seems to me that these technologies and other digital innovations are inevitable. They could be beneficial and I believe the US should lead in their development. That can’t happen without clear rules of the road.”
Eventually, it appeared as though this version of Jeremy’s Senate Hearing testimony was more understandable to the Senate than the previous David Marcus’s approach.
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Source: CoinGape

Crypto Senate Hearing: Senators Hint at ‘Security Laws’, Still No Mention of Bitcoin

The US Senate House Committee on Banking, Housing, and Urban Affairs began its meeting specifically about cryptocurrencies at 10 AM EST on 30th July 2019. The title of the hearing was – Examining Regulatory Frameworks for Digital Currencies and Blockchain.
The Chairman of the Committee, Mr. Crapo, conducted the meeting. The three panelists were split mainly 2:1 in favor of cryptocurrencies with Professor Mehrsa Baradaran primarily being a skeptic. Nevertheless, they jointly agreed on more specific regulations.
Chairman Crapo began the ceremony with a very positive note. He said,
It seems to me that these technologies and other innovations are inevetaible.. Tt seems to me that the U.S. should lead.
The panelist made a brief introduction, and they talked about essential points from their testimonies. It mostly included the need for lawmakers to regulate cryptocurrencies soon.
Senator Jon Tester raised concerns around the intrinsic value of cryptocurrencies. He also mentioned that it is enabling the movement for value outside of the US. He said,
It appears to me that they’re trying to take the dollar… and make a transaction across country lines.
However, he was also receptive of blockchain technology.
Security or Not?
The meeting addressed all the cryptocurrencies (around 2300) as one. They raised concerns around the discrepancy between their intrinsic value and marketed value, and their effect on the economy. Senator Sherrod Brown made an interesting analogy with the 2008 financial crisis. He said,
“Before they blew up the economy bankers were marketing this new innovative product called subprime mortgages,”
Professor Baradaran was mostly concerned about the value that cryptocurrencies currently seem to project. On whether or not they should be put under existing financial laws, she said,
“The technology is new, but the essence of the product is something we’ve seen before.”
Nevertheless, Jeremy Allaire, who mostly digressed on directly answering questions about how to regulate them, was suggestive of a new paradigm. According to him, “payments will become a commodity free service on the internet.”.
Moreover, cryptocurrency is an innovative way of incentivizing things. In his conclusion, he noted,
“Self-sovereignty over who can access your digital identity and how they can access it… The data breaches that we have today. The massive privacy violations that happen continually on centralized internet services. Those are the core issues that blockchain infrastructure is being designed to address.”
He primarily called for a new way to define these assets.
Libra Vs. other Cryptocurrencies
Facebook’s Libra echoed several times in this discussion as well. While they were exploring the economic aspect of it, privacy-related issues remained to be in question.
According to Professor Nelson, Facebook has changed the debate about privacy and cryptocurrencies. She said,
“We used to focus with cryptocurrencies on whether they gave users too much privacy. And it allowed bad actors to engage in nefarious activities. Now with Facebook’s Libra, it’s whether the users will have enough privacy.”
Last but not least, the Committee broadly addressed the projection of the new financial system with blockchain. The Committee was receptive of the suggestions from the panel. Nevertheless, the Senators largely digressed on Bitcoin, while the panelist on them being recognized as securities completely.
The meeting was concluded within 90 minutes, and it seemed like a lot of education, and deliberation is still warranted before they can formulate laws. The panel also implored the Senate to perceive Switzerland, Singapore, Bermuda, and France as forerunners of the industry; rather than a hub for money laundering. Blockchain and cryptocurrencies were seen as an imminent force, that must be directed to comply with regulatory principles.
How do you think the US and other governments should regulate cryptocurrencies? Please share your views with us. 
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Source: CoinGape

U.S-based crypto-companies losing competitive edge, claims Circle CEO as testimony before U.S Senate dawns

The ongoing battle between U.S lawmakers and popular crypto-proponents is set to write yet another chapter. Circle CEO Jeremy Allaire is one such proponent and he’ll be testifying before the U.S Senate to give his input on the hearing titled, “Examining Regulatory Frameworks for Digital Currencies and Blockchain.” Allaire will be doing so by representing […]
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Source: AMB Crypto

Sun-Buffett Lunch Postponed Due to Sun’s Health Issues

Sun-Buffett Lunch Postponed Due to Sun’s Health Issues
TRON and BitTorrent CEO Justin Sun just postponed his lunch with Warren Buffett due to sudden health complications just three days ahead of the meeting, according to a post on Weibo.
Sun-Buffett Lunch Postponed Due to Sun’s Health Issues

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Source: CoinSpeaker

Crypto Exchange CEO Dons ‘Hawaiian Short Pants’ at Expansion Meeting

Silicon Valley workers have often projected a casual image when it comes to clothing. During the early 2000s, entrepreneurs in a pair of Jeans and T-shirt set out to change the world. And, indeed they have.
More often than not, even interviewers have to choose between putting on a tie or not for an event with one of the Silicon Valley executives. Cryptocurrencies seem to have taken everything a step further. Recently, Jeremy Allaire, the CEO of Circle which manages Poloniex crypto Exchange donned a ‘Hawaiian red shorts’ over a formal jacket and tie at a meeting with Officials from Bermuda.
Nevertheless, the credit also goes to Binance CEO, Changpeng Zhao, who has earlier worn blue short pants at the meeting with Bermuda Officials.

Who wore it better? @cz_binance or @jerallaire
— Charlie Shrem (@CharlieShrem) July 22, 2019

Bermuda Expansion for Poloniex Exchange
Circle is the parent company of Poloniex Exchange. It has procured a license and launched a subsidy in Bermuda. Circle is one of the leading crypto firms which has also released a stablecoin – USDC. It has also received significant investment from Goldman Sachs until 2016.
They plan to serve non-US Poloniex customers with our new Bermuda operations. Poloniex is one of the oldest and regulated cryptocurrency Exchange. Currently, Poloniex has existing operations in the US, Ireland, the UK, and Hong Kong.
Bermuda enacted the Digital Assets Business Act of 2018 which provides for a complete regulatory framework for establishing and operating Cryptocurrency Exchanges. This is also prosperous for the British island territory. Edward David Burt MP, the premier of Bermuda noted,
…Circle will begin hiring immediately to grow their Bermuda office to more than 30 people over the next two years.
The lack of a regulatory framework for cryptocurrencies in the developed countries has often motivated the crypto entrepreneurs to look for help outside. This fact was reiterated recently by Venture Capitalist, Tim Draper at an interview. He said that the companies are moving to countries like Malta and elsewhere because of the delay and negative stance that Governments have currently held.
Do you think that the regulators should expedite their regulatory process or the market share of crypto is still lower? Please share your views with us. 
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Source: CoinGape

Tron [TRX] Price Plunges 5% as Justin Sun Postpones Lunch with Warren Buffet

The much-awaited event of this week became a bit of a downer. The charity lunch event between Warren Buffet and Justin Sun has been postponed due to medical reasons cited by Sun. No date has been set after the rescheduling for now.
Tron Foundation’s Notification (Twitter)
The Tron Foundation notified the crypto-Twitter community about the postponement at about 21: 30 hours UTC on 22nd July 2019. The price of Tron [TRX] has dropped from $0.0288 by about 5.18%. Hence, it seems that the market was looking forward to the lunch and something good out of it.
The price of TRX at 3: 20 hours UTC on 23rd July 2019 is $0.0286.
TRX/USD 4-Hour Chart on Binance (TradingView)
The charity lunch with Warren Buffet is an annual event whose proceeds will be donated to the Glide Foundation. Justin Sun had won the auction with a record bid of $4.57 million. Hence, for Sun and the crypto-community, it represented more than just a charity event.
Warren Buffet has always been dismissive of Bitcoin and cryptocurrency. He had once described them as ‘rat poison squared.’ Hence, the market was probably hoping for a positive comment from Buffet on cryptocurrency.
Furthermore, since Justin was at the helm of things, Tron [TRX] supporters seemed to be expecting a little more specific more the lunch – some even speculated on a partnership. However, that is purely speculation given Buffet’s original stand cryptocurrencies.
Justin was also given the privilege to invite ‘friends’ at the lunch event. Sun has approached a couple of leading figures in the cryptocurrency industry. Changpeng Zhao, the CEO of Binance, had rejected the invitation earlier politely.
Charlie Lee, the lead developer and CEO of Litecoin Foundation and Jeremy Allaire, the Co-Founder and CEO of Circle, have accepted the invitation until now.
Moreover, hours before the delay was announced, Justin has also sent an invite to Chris Lee, the CFO, and VP at Huobi Global. Chris Lee also gladly accepted the invite.
Do you think that Justin and group will be able to convert Warren to a crypto-enthusiast? Please share your views with us. 
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Source: CoinGape

Men over Boys: Justin Sun taps seasoned professional Jeremy Allaire for Buffett lunch

Justin Sun has graduated. Amidst the Libra-hangover that the entire industry is still dealing with, an important event has slipped away from the limelight. The much-talked about lunch between the digital asset industry’s master marketeer, Tron’s Justin Sun, and Berkshire Hathaway’s Warren Buffett is on the horizon, and the guest list has another name. Scheduled […]
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Source: AMB Crypto

Circle CEO: Crypto “Mega Trend” is Here to Stay, Will be Bigger than the Web

The CEO of crypto financial services company Circle has said that Facebook’s Libra digital currency proves that crypto assets are here to stay. Jeremy Allaire also seemed optimistic that the newly-detailed project would be good long-term for Bitcoin.
With regards regulators’ reactions to Libra, the executive said he was pleased to see lawmakers finally starting to look at the industry more seriously.
Jeremy Allaire: Libra Could Expose Crypto Assets to Billions
Speaking on CNBC’s “Squawk Box” segment earlier today, Jeremy Allaire, the chief executive officer of crypto financial services firm Circle, gave his thoughts on the recent Bitcoin price surge, as well as Facebook’s impact on the market. He first said that he thought the social media giant’s recently-detailed foray into crypto could turn the hundreds of millions of users crypto has now into billions. Like other commentators, the CEO argues that it could allow for a convenient on ramp and give many people a first taste of what using a purely digital currency is all about.
He speculates that this may make people question the very concept of money further. If they become disenchanted with a company-issued asset, they may well transition into using purely decentralised digital coins, like Bitcoin.
In relation to the regulatory attention that Facebook has received since detailing Libra, Allaire argues that it is great for the industry that regulators are finally starting to look at these financial instruments properly. He stated:
“It is now very clear that cryptocurrency is here to stay, it’s going to be massive scale, it’s going play a fundamental role in the transformation of the system.”
He then calls upon regulators to “listen and learn” from the fast-growing industry, which he describes as a “major breakthrough in the global economy.”
Circle CEO Allaire: National attention on crypto suggests it’s here to stay from CNBC.
Later in the interview, Allaire patiently sets straight an aggressive presenter, bleating about “crypto crap” being for drug dealers and other questionable uses since the market is entirely unregulated. He calmly responds by saying that cryptocurrency has been regulated in the US since 2013 and that exchanges and other service providers in the nation all comply with AML and KYC legislation.
After fending off multiple interruptions relating to stablecoins and their use, Allaire claims that it is a matter of “when”, rather than “if” the US Treasury will accept tax payments in Bitcoin – something that seems to be the presenter’s major defining characteristic of legitimacy. The Circle CEO then argues that crypto is much more than just its early financial application:
“What we are seeing is that there is a new infrastructure layer of the internet, it’s not just about currency, it’s a fundamental new infrastructure for a very broad range of services, applications, information apps. It’s a major architectural shift, currencies are just an app on top of that.”
Finally, Allaire states that this “mega-trend” will be larger than the web and that projects emerging from the current crypto space will go on to form the backbone of a new financial system. He concludes by stating that in the next decade it will no longer be possible to extract value from financial transactions, thus many rent-seeker type roles in banking will no longer be needed.
Related Reading: Billionaire Investor: Bitcoin (BTC) to Hit $20,000 as Institutions Continue Sortie
Featured Image from Shutterstock.
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Source: New

Report – While Bearish Market Let Exchange Lay Off Staff, Circle Trading Platform Continues to Outperform

On one hand, the bearish market let major crypto businesses decide on layoffs, on the other hand, there is one clear standout with well-performing business. In a recent interview with the Fortune media, Circle CEO, Jeremy Allaire proudly claims that his company is growing while cryptocurrency business in fall.
Circle – Cryptocurrency Business Is Down But We’re Still Growing
Circle, which acquired Poloniex exchange back in 2018 for around $400 million, is running with significant growth despite the persistent downward market. However, the business is majorly associated with the market activity but Circle’s performance is continued to mark big volume. Allaire says that the bearish market for Circle is just ‘fine’ mentioning that the customer base the volume of revenue has grown at the same time.
“Well, [business] is down, When there’s not volatility, or prices are down, then volumes are down,” Jeremy said. “We had very significant growth year last year, even though there was a crypto bear market.”
The release comes in a wake of Bithumb’s lay off announcement. While Circle trading platform claimed its growing performance, Bithumb, in contrast, has announced to lay off 50% of its staff – reportedly the exchange has been in an effort to eradicate the cost and thus laying off 160 employees.
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”
Moreover, while questioning the recent declining evaluation of Circle reported by few sources, Allaire disagrees with the context. As such, few reports revealed that Circles valuation declined to less than $1billion but Allaire sticks to his confident view on growing graph of Circle’s evaluation. Particularly, sources pointed out that the private shares in Circle are trading with discounted value on the secondary market – responding to the question, Allaire said that;
Just because someone lists shares on a market, “that doesn’t mean they’re actually trading.”. Furthermore, he said, “I can’t comment on specific transactions or specific prices or things like that, but the way that was characterized was inaccurate,”
Besides calling the ‘declining evaluation report’ as rumors, Circle CEO also said that he doesn’t fear with upcoming coin from a social media giant, Facebook – which is said to be a stable coin. It was, however, reported that the Circle in partnership with Coinbase has launched dollar-pegged stablecoin, USD Coin which is now the second most popular stablecoin in the market. Talking about what he feels about Facebook’s entry into stable coin market, Allaire answered that Facebook’s Coin is a great sign.
“I think it’s a great sign that major Internet companies are starting to look at issuing cryptocurrencies,” Allaire said. “That’s very, very positive in our view overall.”
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Source: CoinGape

Bitcoin & Cryptos will see a Sharp Breakout in Coming Years, Goldman Sachs-backed Circle’s CEO

While some are calling out for Bitcoin to tank, others like Goldman Sachs-powered Circle are seeing a bright future for Bitcoin and crypto.
Crypto is Fundamental to the Future
Currently, the crypto space is going through a prolonged bear market after touching the peak in December 2017. The market has seen several attempts by bulls to reverse the downward trend with no success. However, experts are predicting this year for Bitcoin to make its journey to recovery. Though the reversal is yet to come, crypto experts believe Bitcoin has a far more serious and fundamental role to play in future.
With the World Economic Forum held in Davos in full swing, the crypto market is getting a lot of attention from the industry experts and central banks. While at one side, the remarks of Bitcoin going to zero are making news, crypto believers like Goldman Sachs-powered Circle are keeping the crypto enthusiasts positive.
The chief executive of Circle, Jeremy Allaire believes digital assets and the blockchain technology behind Bitcoin will play a crucial role in the future.
“People throw around ‘crypto’ like it’s a bad thing…- it’s scary. Guess what? Cryptography is at the foundation of protecting modern society, human privacy. It’s a fundamental tool of our cyber defenses. It’s a fundamental tool of every corporation.”
According to him, crypto has a greater role to play in the future, as “Crypto is fundamental to the future. We need tamper-proof, resilient, decentralized infrastructure if we want society to survive the digital age,” said Allaire.
It’s Much More Transformative then the Web
Allaire says digital currencies are versatile as, “It can be used in lending transactions, in payment transactions. It allows you to make dollar payments, globally, at pennies and in seconds to minutes. It’s a really powerful innovation.”
“We see this as much more transformative even than the web. We think this has a long arc that will have a far greater impact on our civic institutions and our economic institutions.”
Moving onto the central banks, he said, “We’re huge proponents of central bank digital currency and we believed in that for a very long time. Our view is that the creation of cryptocurrencies that are based on central bank money is happening in the private sector first. We launched USD Coin last fall. It’s growing rapidly.”
Recently he had shared that Bitcoin and other cryptocurrencies will see a huge breakout as Bitcoin as a Store of Value asset “will become much much larger and more broadly adopted and those other crypto assets will be used in an incredibly broad array of everyday transactions.”
Allaire is a long term believer in Bitcoin as he states last month,
“The key thing with Bitcoin is it’s unique in its security and its scale. And this idea that we need a scarce, non-sovereign store of value that individuals can hold in a protected fashion, that’s attractive all around the world. And I think it will be increasingly attractive.”
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Source: CoinGape