Altcoin News: Circle CEO: In the World of Digital Assets There Is a Place for Both Libra and Bitcoin

June 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The CEO of Circle, the owner of the Poloniex cryptocurrency exchange and the issuer of stablecoin USDC, Jeremy Allaire, in a conversation with CNBC, said that his clients’ activity at the end of last year indicated that the Bitcoin market had reached a local minimum.

“In December, when the market really hit the bottom, we began to observe how investors with long-term conviction began to build up significant positions in key digital assets. So the situation gradually developed until the second quarter, when people announced the coming of “crypto-spring”,” he said.

Allaire believes that the fundamental characteristics of cryptocurrency technology are improving at a rapid pace, and an understanding of the new class of assets comes to a wider range of potential investors. He is also confident that the emergence of such projects as Facebook with Libra will contribute to the further spread of technology among billions of users.

Responding to a question about how Libra will help spread the word about Bitcoin, Allaire said:

“We believe that over time, end users, individuals and organizations will have crypto-financial accounts with which they can hold many different digital assets. They will be able to send and receive all of them. The “winner takes all” model will not work here.”

Circle CEO believes that digital assets backed by national currencies will be useful for everyday tasks, such as paying taxes or getting salaries.

“At the same time, Bitcoin is based on the thesis that we will continue to observe the growth of non-state money, non-state money will become more important, and not vice versa. More and more people will begin to realize the value of high-security uncensored digital assets, such as Bitcoin,” he concluded.

Author: Marko Vidrih