Circle CEO: Non-sovereign money like Bitcoin is going to become more important

Jeremy Allaire, CEO of Circle, sat down for an interview with CNBC’s Squawk Box to talk about the market’s bullish movement over the past three months. Allaire stated that the crypto market bottomed in December 2018. During this time, multiple investors started rebuilding their position before the next bull run. He stated:

“[…] 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 […]”

He also stated the differences between different digital assets, setting stablecoins and other asset-pegged cryptocurrencies, like Facebook Libra, against non-sovereign cryptocurrencies such as bitcoin:

“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 concluded by making a case for the ever-increasing importance of non-sovereign cryptocurrencies:

“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.”