The CEO of Goldman Sachs-backed Circle says he believes Bitcoin and Ethereum are oversold.
In a new interview on CNBC’s Squawk Box, Jeremy Allaire says the actual use on both networks exceeds the current value.
“The fundamental valuation metrics in this space are really focused on the actual usage of these platforms. Now obviously there are hundreds of different crypto assets. There are flagship crypto networks like the Bitcoin network, the Ethereum network. And if you look at the correlations between core usage and value, they’re actually highly, highly correlated.
And what we’re seeing, actually, is both for Bitcoin and for Ethereum in particular, there is some decoupling there. Which is to suggest that both of those assets have been oversold. And so, in the case of Bitcoin, maybe moderately oversold. In the case of Ethereum, potentially pretty significantly oversold. So the amount of usage remains very high – the amount of people deploying smart contracts and the like.”
As for the future price of BTC, Allaire says he’s not in the predictions game, but believes BTC will grow significantly in the coming years. He also thinks the crypto market will not end in a winner-take-all scenario, and millions of digital assets will exist in the years ahead.
“I don’t make significant price predictions, but I think it’s certainly going to be worth a great deal more than it is today…
I do not think it’s a winner take all. We have a phrase: ‘the tokenization of everything’. We think cryptographic tokens are going to represent every form of financial asset in the world. There will be millions of them in years.”
The company currently offers more than 567,928 properties available for booking around the world.
The platform’s crypto marketplace launched back in July, and is built as a decentralized application on the blockchain platform NEO.
The company also has a cryptocurrency called Travala, which can be used to book properties. Bitcoin, Ethereum, Litecoin, Dash, Binance Coin, EOS, Stellar and TrueUSD are also accepted.
Cardano founder Charles Hoskinson has revealed an official date for the launch of Cardano 1.4.
The upgrade is now scheduled for release on December 18th. Cardano 1.4 is the foundation for Cardano’s crypto wallet Daedelus.
You can check out Cardano’s complete roadmap here.