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"Non-sovereign" Bitcoin and Cryptos will see continued growth



Jeremy Allaire, co-founder and chief executive of the payment company Circle, believes that non-sovereign cryptocurrencies such as bitcoin (BTC) will continue to see growth despite the spread of new forms of digital assets such as Facebook's Libra and stablecoins.

During an interview on CNBC's Squawk Box on June 24, Allaire claimed that the landscape of cryptocurrency will not evolve in a "winner takes all" direction, but that a variety of digital assets with varying degrees of autonomy and regulation will be widely used by both individuals and investors.

Allaire made a big difference between different digital assets, pitting stablecoins and other real estate cryptographic baskets ̵

1; e.g. Libra or dollar-pegged stablecoin USD coin – against non-sovereign cryptocurrencies such as bitcoin:

"Individuals and institutions must have crypto finance accounts where they should hold all of these different assets and be able to send and receive them all. to become a winner, the whole model takes. "

Allaire argued that for every daily payment, which people might need to dominate in their profitable currency, or for transactions like taxes, fiat-pegged cryptocurrencies will continue to see increased adoption. and governments, he added, will – and already – find ways to cement the regulation of issuers of such assets.

At the same time, Allaire claimed that he believes an increasing recognition of the value of having access to a censorship-resistant and highly secure digital resource like bitcoin – a non-sovereign currency – will ensure its continued growth.

Allaire also gave its perspective on the crypto market's renewed bullish momentum and noted it back in December – when the market bottomed out in the depth of the crypto-winter – we saw that long-term conviction investors began building significant positions in core digital assets.

This is now being augmented by rising fundamentals of crypto curve technology, the emergence of retail and institutional platforms, and new regulatory frameworks, he said.

Last but not least, he suggested that new blocks such as Libra be taken as indicators that crypto becomes a common phenomenon that will eventually reach billions of people.

As reported, both disruptions and established people – decentralization lawyers, government representatives and the central bank – have expressed mixed views on the potential impact and design of Facebook's newly opened digital currency, Libra.

Yesterday, a former financial advisor to US President Donald Trump said he believed that the digital token would pose a challenge to central bankers, and that was a good cause.


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