The CEO of crypto financial services company Circle has said that Facebook's Libra digital currency proves that crypto assets are here to stay. Jeremy Allaire also seemed optimistic that the newly-detailed project would be good long-term for Bitcoin.
With regards regulators’ reactions to Libra, the executive said he was pleased to see lawmakers finally starting to look at the industry more seriously.
Jeremy Allaire: Libra Could Expose Crypto Assets to Billions
Speaking on CNBC's “Squawk Box” segment earlier today, Jeremy Allaire, the chief executive officer of crypto financial services firm Circle, gave his thoughts on the recent Bitcoin price surge, as well as Facebook’s impact on the market. He first said that he thought the social media giant’s recently-detailed foray into crypto could turn the hundreds of millions of users crypto has now into billions. Like other commentators, the CEO argues that it could allow for a convenient on ramp and give many people a first taste of what using a purely digital currency is all about.
He speculates that this may make people question the very concept of money further. If they become disenchanted with a company-issued asset, they may well transition into using purely decentralised digital coins, like Bitcoin.
In relation to the regulatory attention that Facebook has received since detailing Libra, Allaire argues that it is great for the industry that regulators are finally starting to look at these financial instruments properly. He stated:
“It is now very clear that cryptocurrency is here to stay, it’s going to be massive scale, it’s going play a fundamental role in the transformation of the system.”