Jeremy Allaire of Circle Invest Says Humanity Cannot Survive a Digital Age Without Cryptocurrencies
Circle’s CEO Jeremy Allaire is very positive about virtual currencies and their future. He said that humanity cannot survive the digital age without cryptocurrencies. According to him, the resiliency and decentralization related to them make it indispensable. He gave these comments during the 2019 World Economic Forum in Davos, Switzerland.
According to Allaire, cryptography is one of the most important technologies because it protects modern society and human privacy. In general, people that do not know about the technology or digital currencies tend to attack and criticize them. Nevertheless, it is a fundamental tool for cyber defenses and of every corporation.
Indeed, he went on saying that humanity would not be able to survive the digital age without the existence of virtual currencies.
About it, Allaire commented:
“Crypto is fundamental to the future. We need tamper-proof, resilient, decentralized infrastructure if we want society to survive the digital age. 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.”
Furthermore, he touched and discussed a topic that tends to bring controversies. Can cryptocurrencies coexist with central banks? For him this is possible. There are traditional bankers that tend to attack cryptocurrencies. This is the case of Jamie Dimon that believes that Bitcoin is a fraud and that it will ultimately fail.
Jeremy Allaire insists that central banks and the crypto ecosystem can co-exist. He mentioned that they are huge proponents of the so-called central bank digital currencies (CBDCs). At the moment, there are several digital assets that have been tethered to fiat currencies such as the US dollar and the Euro, among others.
Moreover, cryptocurrencies are versatile since they run on top of blockchain technology and can be interoperable with millions of digital wallets from all over the world. Additionally, they can be used to process transactions, pay in dollars and transact just a few pennies in seconds or minutes.
Mr. Allaire has also talked about the future of Bitcoin and its price. He believes that Bitcoin’s price will soar in the next three years and that it will play a significant role to play as a scarce and non-sovereign store of value.
Although Allaire is bullish about the future of digital currencies there are other individuals and experts that are not so positive about digital currencies. Huw van Steenis, Bank of England Adviser said that cryptocurrencies fail basic financial tests.
Nouriel Roubini, NY Professor, has been criticizing virtual currencies and Bitcoin since it was worth less than $1,000. Now, Bitcoin is being traded around $3,600 and it has a market capitalization of $63.08 billion. Back in December 2017, Bitcoin was traded around $20,000.