Circle CEO Jeremy Allaire Is Convinced Bitcoin Prices Will Continue To Rise Within Next 3 Years
Jeremy Allaire The Circle CEO Is Convinced That Bitcoin Prices Will Continue To Rise
Jeremy Allaire, the CEO and Co-Founder of Circle recently stated that Bitcoin prices will continue to increase in the coming years. In his three year forecast, he also noted that the rise of BTC prices would effectively lead to a spike of all crypto-related valuations. Circle, which is backed by Goldman Sachs is a company focusing on peer-to-peer technology payments.
Although Jeremy remained cagey about stating an expected price in his forecast, he did predict that the price of a single Bitcoin would be much higher than it is today. He went on to state that he is not in the business of making price predictions, but in his analysis, bitcoins will be worth much higher than they are worth today.
In the interview conducted by CNBC, Jeremy stated that he has a futuristic outlook on the cryptocurrency market. When pressed on the factors that would make venture capitalists who lost coinage in the last bear bazaar want to come back and re-invest, he commented by pointing out that the fundamentals associated with the cryptocurrencies have not changed. The only thing that has changed is their prices, a fact that can be attributed to market forces.
BTC As A Non-Sovereign Supply Of Worth
Although its daily prices are subject to changes, Jeremy is of the opinion that BTC continues to play an important role when it comes to storing value. This is made possible by the fact that bitcoin is quite unique, something that can be seen in its scale as well as in the security measures that it has put into place to safeguard its users.
Allaire went on to explain that Bitcoin can effectively play the role of a scarce and non-sovereign stockpile of value given that its users can be able to hold on to it in a sheltered manner. This is something that has over the years proven to be attractive and a hit with users all over the globe.
Although there are many worrywarts who have come out to claim that bitcoin is on its deathbed, Jeremy is not convinced that this is the case. According to him, the cryptocurrency is bound to survive the bear market, as will other cryptocurrencies. By doing so, they will end up being stronger and more valuable to those who choose to hold on to them over the long haul.
Allaire was, however, quick to point out that not all the cryptocurrencies in existence today would make it in the long haul. The point being that overcrowded markets are often filled with many competitive forces, making the market a zero-sum game. In short, the death or success of a single cryptocurrency does not always need to affect the success or fall of the others.
The Future Of Crypto Lies In Tokenizing Everything
Jeremy holds the opinion that the cryptocurrency market will not end up being a winner takes it all scenario. The reason being that crypto assets are set to become the future of everything the world holds dear today. It can be seen in the fact that the current cryptocurrencies have virtually taken over various financial assets already in existence today.