Crypto is Fundamental to the Future
Currently, the crypto space is going through a prolonged bear market after touching the peak in December 2017. The market has seen several attempts by bulls to reverse the downward trend with no success. However, experts are predicting this year for Bitcoin to make its journey to recovery. Though the reversal is yet to come, crypto experts believe Bitcoin has a far more serious and fundamental role to play in future.
With the World Economic Forum held in Davos in full swing, the crypto market is getting a lot of attention from the industry experts and central banks. While at one side, the remarks of Bitcoin going to zero are making news, crypto believers like Goldman Sachs-powered Circle are keeping the crypto enthusiasts positive.
The chief executive of Circle, Jeremy Allaire believes digital assets and the blockchain technology behind Bitcoin will play a crucial role in the future.
“People throw around ‘crypto’ like it’s a bad thing…- it’s scary. Guess what? Cryptography is at the foundation of protecting modern society, human privacy. It’s a fundamental tool of our cyber defenses. It’s a fundamental tool of every corporation.”
According to him, crypto has a greater role to play in the future, as “Crypto is fundamental to the future. We need tamper-proof, resilient, decentralized infrastructure if we want society to survive the digital age,” said Allaire.
It’s Much More Transformative then the Web
Allaire says digital currencies are versatile as, “It can be used in lending transactions, in payment transactions. It allows you to make dollar payments, globally, at pennies and in seconds to minutes. It’s a really powerful innovation.”
“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.”
Moving onto the central banks, he said, “We’re huge proponents of central bank digital currency and we believed in that for a very long time. Our view is that the creation of cryptocurrencies that are based on central bank money is happening in the private sector first. We launched USD Coin last fall. It’s growing rapidly.”
Recently he had shared that Bitcoin and other cryptocurrencies will see a huge breakout as Bitcoin as a Store of Value asset “will become much much larger and more broadly adopted and those other crypto assets will be used in an incredibly broad array of everyday transactions.”
Allaire is a long term believer in Bitcoin as he states last month,
“The key thing with Bitcoin is it’s unique in its security and its scale. And this 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. And I think it will be increasingly attractive.”