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September 2, 2024

Circle CEO Jeremy Allaire Says ‘More Suprises to Come’ in Crypto Industry – Here’s Why

By Alex Richardson

Circle CEO Jeremy Allaire says that the vast majority of unexpected developments in crypto still haven’t occurred yet.

In a new interview on the Empire podcast, Allaire says that the two things that surprised him were memecoins and non-fungible tokens (NFTs).

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“Memecoins and NFTs… The whole phenomenon, and the way in which those phenomena emerged and were popularized. Those were not things that I anticipated. And I can make arguments about the good and the bad. NFTs to me are actually very important technology, very important utility, and NFTs as a pattern is critical in a ton of different ways. It’s interesting, even memes are affinity relationships are really key for communities and for brands and so many others so it’s a really interesting experimental surface. 

Those are surprising but now as I actually sit back and think about them, the application of those are pretty significant. If you’re a savvy brand, you’re looking at all of that as something you can build on.”

However, since Allaire believes crypto is only at a stage in its evolution that is equivalent to the internet in the early 2000s, he also thinks most of the biggest surprises haven’t yet unfolded. He anticipates a wave of innovation from apps and other utilities.

“I think so far, I think the surprise is lower than the surprise from the internet, but, you have to put it into context. The ‘Web 1.0,’ I view as where crypto has largely been in a ‘Web 1.0’ equivalent in terms of development and maturation and utility and other things. 

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When Web 2.0 kicked in, which really was starting in like 2003, and really scaled out from there. That’s actually where I think crypto is right now. So I think the vast majority of the surprises which are going to come from applications and broader utility… I just think we’ll see a lot more surprises. A lot more surprises to come.”

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