Circle Co-Founder Asserts That Bitcoin Will Be Worth ‘Great Deal More’ In Three Years
Bitcoin News: Jeremy Allaire, the co-founder and CEO of Circle, a peer-to-peer payments technology company opens up about his high hopes for Bitcoin (BTC) for the next three years, in an interview with CNBC on Dec 14.
Allaire told CNBC that BTC will rally up over the next three years and the market valuation the cryptocurrency will also spike accordingly. Though he did not add a figure to his prediction, he definitely seems confident about a marginally higher price point. He stated:
“I don’t make significant price predictions. But it’s certainly going to be worth a great deal more than it’s worth today. I am long in the market.”
When he was asked about the loss investors borne during the bear market, he stated that it’s because the fundamentals of cryptocurrencies haven’t changed simply because their prices cratered.
Allaire added that regardless of bitcoin’s daily price fluctuations, the token will play a “very significant role” as a non-sovereign store of value. He explained:
“The key thing with bitcoin is that it is unique in its security and its scale. As an 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.”
As BTC seems to bottom further the naysayers have grown by a margin as well. Allaire is amongst the circle that believe that BTC has the potential to rise soon enough. While there is a total another section of BTC bulls of which Tom Lee is a part, they are what some would say slightly delusional about the token. Lee recently stated that the fair value for BTC should be between $13,800 and $14,800.
Future of Crypto
Allure notes that some virtual currencies would eventually die off due to competitive forces, but the digital currency ecosystem will stay strong and progress. He stated:
“I do not think it’s going to be a winner-take-all [scenario] We have a phrase: the Tokenization of Everything. We think cryptographic tokens are going to represent every form of financial asset in the world. There will be millions of them in years.”
Almost sharing the exact sentiment for BTC and crypto tokenization, the Mike Novogratz, the founder of crypto investment bank Galaxy Digital said that asset tokenization is an emerging trend. He added:
“You’re going to see more and more of that. It’s a part of this broader movement of tokenization, digitalization in blockchain. The blockchain makes a lot possible.”
When questioned whether regulation will happen in the crypto industry, Allure added:
“Just to be clear, the US has more regulatory clarity than almost any other market in the world. The exchange of digital currency with the banking system has been regulated for over five years.”
Allaire ointed that Circle and Coinbase are regulated and have often pushed for sensible, targeted regulation.
“Companies like Circle and Coinbase are regulated under the Bank Secrecy Act and money-transmission laws. That’s very significant from a consumer protection and financial-crimes perspective. We [at Circle] are advocating for [regulation]. We have been very active with Congress, with policymakers, with agencies. There’s a lot of engagement.”
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