‘Non- Sovereign’ Bitcoin and Cryptos Will See Continued Growth Says Circle’s CEO
Cryptocurrency enthusiast and the CEO of payment company Circle Jeremy Allaire is of the opinion that non- sovereign cryptocurrencies like Bitcoin will continue to witness increasing growth despite the introduction of new coins, such as Facebook’s Libra and stablecoin.
Autonomy in the Crypto space
Allaire expressed his views during an interview session on CNBC’s Squawk Box on June 24. The Crypto expert maintained that cryptocurrency landscape will not swerve to a ‘’winner takes all’’ direction, but that a range of digital assets with a little regulation and moderation will be used by traders, investors and individuals alike.
Driving home his point, Allaire made one clear difference between lots of digital users, placing stablecoins and other assets like Libra or the dollar- pegged USD coin against non- sovereign cryptocurrencies such as bitcoin. He stated thus:
Individuals and institutions are going to have crypto finance accounts where they’re going to hold all these different assets and be able to send and receive all of them. It’s a win-win situation, and not a winner takes all model.’’
The Circle CEO maintained further that everyday payments, which people may need to denominate in their salaried currency, or for other transactions such as tax will also continue to see increased adoption.
He added that new laws and regulations will be put in place by governments and regulatory agencies to maintain decorum and protect both the issuer and the holder of such assets.
To support his claim, Allaire maintained that increasing recognition of the value of having access to a decentralized and highly secure digital asset such as bitcoin, which is a non- sovereign currency will aid in its growth.
He also took his time to give a professional analysis on the renewed bullish momentum being experienced in the crypto market. He explained that, back in December, during the height of the crypto winter, long term investors began building significant positions in core digital assets.
And with the introduction of the latest crypto technologies, regulations, retail and institutional platform, the crypto market will continue to experience continued success.
On a final note, he stressed that the new blockchains such as Libra are being taken as indicators that crypto is stretching its arms, and it’s just a matter of time before it reaches billions of people globally.
In related news, the Libra coin by Facebook received so many reviews by experts and pundits, but some are still sceptical about the latest virtual currency. Bitcoin Exchange Guide reported in April that the new coin is safe and can be trusted.
The Lira coin seeks to create the first ecosystem of peer to peer trading value. The ecosystem provides users with access to an efficient system of interaction for transferring data, value and connects with other users worldwide.
The issuers of the coin are bent on making Libra coin the centre of the new digital currency market by teaching new users how to use the coin