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Circle CEO Jeremy Allaire says he is “insanely optimistic” about cryptocurrencies
Circle co-founder and CEO Jeremy Allaire says he is “insanely optimistic” in his belief that cryptocurrencies are in the very early stages of adoption.
Circle is the company behind the world’s second largest stablecoin by market capitalization USDC. Allaire, who entered the crypto space in the early days of Bitcoin, says that in all the years he has been in the crypto industry, this is the time he is most optimistic about his future.
“I’ve been building Circle for over 11 years and I’ve never been more optimistic than now,” he said via a send on X. “I also believe that the vast majority of people have an extremely narrow and limited understanding of what is happening. And that’s super bullish too.
Why so bullish? Allaire explains
According to Circle’s CEO, his perspective on the cryptocurrency market is based on his experience and knowledge of over 35 years of observing Internet technology adoption life cycles.
There has been one wave of growth after another, with “an inexorable march of open networks, open protocols and open software,” he noted.
Allaire says he has seen the Internet transform society and the economy, enabling major changes for global industries and improving utility for humanity.
“The collective contribution of open IP to this ongoing Internet revolution appears to actually be accelerating, and cryptocurrencies appear to be on the verge of catapulting society and the economy in new and tremendously powerful ways,” explained the Circle co-founder .
Cryptocurrencies in 10 years: past and future
According to him, cryptocurrencies continue to grow since they burst onto the scene as the next infrastructure layer of the Internet more than a decade ago. Cryptocurrencies have introduced a level of trust to the Internet, Allaire noted, adding that Bitcoin has opened up the space to “a ton of incredibly skilled technologists.”
Technical progress includes the evolution of blockchain infrastructure, data availability, security and privacy. There are huge advances in zero-knowledge technology and fully homomorphic encryption (FHE), among other developments.
Digital assets are now generally accepted, unlike the times of extreme hostility from banks, regulators, and mainstream media attention on things like darknet markets.
Regulatory clarity is also a crucial development, with the world’s largest asset management firms bringing products and services on-chain.
Meanwhile, global payments giants are now also tapping into cryptocurrencies, and stablecoins have become the “clearest killer app” of cryptocurrencies.
And it’s insanely bullish when you consider where blockchain and cryptocurrencies could be in the next 10 years: for smart contracts, fourth-generation blockchains, on-chain organizations, and stablecoins.
“All of this is achievable in the next 10+ years. Time passes quickly, but when you look back and look at what we’ve accomplished and how it prepares us for the future, it’s hard not to be insanely optimistic right now,” concluded the Circle CEO.