Cryptocurrency is essential for our digital age, says Jeremy Allaire, CEO of Circle.
At the World Economic Forum in Davos, Switzerland Allaire, has said that he believes that cryptocurrencies are ‘essential’ for use in our digital age. He makes the point that cryptography is already an essential part of corporations and cyber defences, and seems to suggest that cryptocurrencies are a natural extension of that.
Differing Opinions: PayPal CEO Dan Schulman Thinks Cryptocurrency is ‘Not Real Money’.
There are, however, some big names who disagree, for example the CEO of PayPal Dan Schulman, who says that cryptocurrencies are ‘inconvenient’ and ‘not real currency’.
In a backlash on Twitter, others have pointed out that it took PayPal a long time to get established, in contrast to their huge success now, they started out with just 1% of the world using them. The advisor to the Bank of England has also trashed crypto, saying that it ‘fails basic financial testing’, basing this view on the opinion that ‘it doesn’t hold value and is slower to process’.
Circle CEO Says Decentralization Is Key To A Cryptocurrency Future
As cited by Allaire, reasons for the future success of cryptocurrencies are hinged on the idea that they are decentralized, and resilient. He emphasises the flexibility of using a blockchain that is connected to thousands of wallets and the low price of trading overseas with cryptocurrencies, citing that the dollar can be traded for ‘pennies’.
These are arguably powerful points in favour of the future value of crypto. Allaire believes we could see a rise in the valuation and price of cryptocurrencies over the next three years. He also emphasises the fact that there have been regulations conducted by banks for cryptocurrencies for some time, and it will continue If cryptocurrencies become more popular. Many believe the lack of regulations is a part of why crypto has temporarily fallen from grace, so this is encouraging news.
If a bull market happens again, and there is a global mass adoption of cryptocurrencies, the future could hold great things for cryptocurrency and its role in bolstering the economy, and as a result potentially have a positive impact on society and the entire world.
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