Bitcoin could be much worth than today in three years. This is what Circle’s CEO, Jeremy Allaire, said during an interview for CNBC’s Squawk Box. During this year, Bitcoin lost more than 80% of its value and its price might keep falling in the future.
Bitcoin Has a Bright Future Ahead
Although most of the virtual currencies in the market lost part of their value, Bitcoin has a lot of potential for the future. Mr. Allaire signalled that there are many factors that show that Bitcoin could grow in the future.
For Allaire, blockchain technology will be playing a very important role in the future. Businesses and firms will start to embrace it to improve their services and products. Furthermore, he commented that the United States has a robust regulatory system. This is quite important since the market needs to have a clear regulatory framework.
He went on talking about why he is bullish on Bitcoin. He said that the popular virtual currency attracts investors all over the world. At the same time, it can be sent to individuals located anywhere in the world.
On the matter, Allaire commented:
“The key thing with Bitcoin is [that] it’s unique in its security and scale. And as an idea that we need a scarce [and] non-sovereign store of value that individuals can hold, and hold in a protected fashion, [Bitcoin] is attractive all around the world.”
Although he is positive about the future of the space, he did not make any specific prediction about Bitcoin’s price. He noted that in the past many individuals and experts failed to make Bitcoin predictions. The market is very volatile and there are many variables that have a very important influence on it.
Circle is a growing company in the market that was founded back in 2013. It has received around $135 million in venture capital from 4 investment rounds. At the beginning of the current year, the company purchased Poloniex for $400 million. Poloniex is one of the largest and most popular virtual currency exchanges in the world.
At the moment, Bitcoin could recover from the $3,630 zone. Now it is being traded around $3,436 according to CoinMarketCap and it has a market capitalization of $59.89.
