Crypto Essential for Surviving the Digital Age: Circle CEO
January 24, 2019 11:42 am
Jeremy Allaire, the CEO of Circle, asserts that humanity can’t survive the digital age without crypto. The decentralized and resilient nature of crypto makes it an indispensable asset. Jeremy Allaire made the claims at the 2019 World Economic Forum in Davos, Switzerland. The Circle CEO believes that people who are skeptical about crypto are not thorough about the emerging technology.
Cryptocurrency serves as the foundation on which the new digital age will be built. “People throw around ‘crypto’ like it’s a bad thing – it’s scary,” Allaire said on January 23. “Guess what? Cryptography is at the foundation of protecting modern society, human privacy. It’s a fundamental tool for every corporation.”
Allaire specified that modern society is dependent on digital infrastructure, and thus, humanity won’t be able to survive the digital age without cryptocurrencies.
He further said, “Crypto is fundamental to the future. We need tamper-proof, resilient, decentralized infrastructure if we want society to survive the digital age.”
“We see this as much more transformative even than the web. We think this has a long arc that will have a far greater impact on our civic institutions and our economic institutions.”
Some believe that traditional bankers are unsupportive of the cryptocurrencies because they can potentially render the financial institutions obsolete. However, Allaire believes that digital currencies can co-exist with Central banks.
Allaire says, “We’re huge proponents of Central bank digital currency, and we believe in that for a very long time. Our view is that the creation of cryptocurrencies that are based on central bank money is happening in the private sector first. We launched USD Coin last fall. It’s growing rapidly.”
Moreover, he claims that cryptocurrencies are versatile due to their compatibility with blockchain technology and it interoperably works with millions of digital wallets around the world.
“It can be used in lending transactions, in payment transactions. It allows you to make dollar payments, globally, at pennies and in seconds to minutes. It’s a really powerful innovation.”
It is quite evident that Jeremy Allaire is hopeful about the promises of cryptocurrencies for the future (Digital Age).