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Non-sovereign money like Bitcoin is going to become more important, claims Circle’s Jeremy Allaire




Non-sovereign money like Bitcoin [BTC] is going to become more important
Source: Unsplash

Bitcoin [BTC] and the rest of the cryptocurrency market has been on an uptrend for the past couple of months, with several people calling the December low as its bottom. Additionally, the coin also rose to its 15-month high. Jeremy Allaire, CEO of Circle, spoke about the market’s upward price movement over the past three months, particularly the past few weeks, in an interview on CNBC’s Squawk Box.

Like a majority of the influencers in the space, Allaire stated that the cryptocurrency market indeed bottomed in December 2018. He said that this was the timeframe during which they started to see long-term investors building a significant position in the leading cryptocurrencies, which was later “unfolded into Q2” with people declaring the arrival of crypto-spring.

He went on to state,

[…] what I think was happening was, the sort of fundamentals of the technology had been advancing really really rapidly. There’s a broader understanding of crypto assets, as in asset class. People could see that there were more retails and institutional platforms and regulatory framework coming into place […]”

This was followed by the host, Andrew Sorkin, asking Allaire how would Bitcoin gain universal adoption since it was still quite unclear, when compared to Libra. To this, the CEO of Circle responded that first, there were different types of cryptocurrencies, including stablecoins, with Libra being backed by several coins and USDC coin backed solely by the US Dollar. This list further saw the addition of non-sovereign digital coins, with the dominant one being Bitcoin. He added,

“I think our view is that ultimately end-users, individuals, institutions are gonna have, you know, crypto finance accounts where they are able to hold lots of these different digital assets and they are going to be able to send and receive all of them. It’s not going to be a win-or-take solve module.”

He went on to state that in terms of making payments like paying salary and taxes, fiat-based cryptocurrencies would gain more popularity, with governments laying out a regulatory structure for issuers. He added,

“But, at the same time, Bitcoin thesis is very much that we are going to see continued growth in non-sovereign money and non-sovereign is going to become more important and not less important. And more people are going to see the value of a censorship-resistant, highly secure digital asset such as Bitcoin.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.