Circle CEO Jeremy Allaire is saying that a much-vaunted Bitcoin (BTC) prediction is unlikely to come true.
“It’s hard to see.”
Crypto executives testifying before the senate today to make the case for #stablecoins – Circle CEO @jerallaire on why we're at a pivotal moment for #crypto and digital assets pic.twitter.com/g2AVsHeLZR
— The Exchange (@CNBCTheExchange) December 14, 2021
Over the past couple of months, several cryptocurrency analysts and influencers have predicted that Bitcoin could surge above $100,000 by the end of 2021.
Allaire also says that stable coins pegged to the world’s major fiat currencies are going to be a “critical building block” of the decentralized internet, also known as web 3.0.
According to the Circle head, a decentralized internet presents an opportunity for the US dollar to dominate online.
“A critical building block of that [web 3.0] is going to be representations of major currencies, dollars being a pre-eminent one.
There’s an opportunity for the United States to lead. To lead in blockchains, to lead in making sure that the dollar is the currency of the internet.”
Allaire says that stablecoins require federal regulations in order to operate with certainty and within the law.
“We of course need safety and soundness. We need to have rules around protecting against financial crimes.
We need to have frankly federal statutes to define these kinds of large-scale stablecoin issuers such as Circle.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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