The Circle CEO is certain: in just a few years, the time of the Bitcoin is counted and no one will use the crypt of the crypt. Bitcoin is probably the most successful crypto diet in today’s market. Having been invented in 2008 with the aim of giving more financial independence to third-country countries with a decentralized currency, it is now widely used in industries such as Overstock.
Still, Jeremy Allaire, Circle’s CEO, would be surprised if someone would use Bitcoin as a means of payment in 2022. Since his company understands itself as a platform for decentralized payments and accesses Bitcoins, the word message from Allaire is very surprising.
At the Finance Disrupted Event in New York, he confirmed:
“Our view is that we continue to be in the early stages of technology and its development. It is extremely unlikely that any of us will use Bitcoin in five to ten years. [It’s like using Internet browsers:] How many of us use NCSA Mosaic or the Netscape Navigator?
Allaire leads the Bitcoin downfall to two causes: First, it is lacking in regulation. In addition, the bitcoin usage is inconsistent: while listening to positive news from the Chinese space and enjoying greater acceptance rates, the view into the world reveals a sobering impression: Bitcoin is nothing to be admired. In the long run, according to Allaire, Fiat currencies remain the favorite variant of the payers and the bitcoin dies out with the end of the crypt-boost boom.
Furthermore, the CEO expressed his criticism of other cryptos, especially Zcash. In his opinion, these cryptos did not provide any aspects that could identify the great mass of the mainstream. He directs the use-case of these models to gambling and tax evasion. However, the real contribution to the welfare of society was lacking.