Circle CEO: “Bitcoin and Ethereum are oversold”
Home News Circle CEO: “Bitcoin and Ethereum are oversold”
Marcus Misiak –
The CEO of Goldman Sachs-funded exchange Circle, Jeremy Allaire believes that Bitcoin and Ethereum are in the current market situation “oversold”. In an Interview with CNBC, Allaire said that the actual use in the two networks exceeds the current value.
When it comes to the CEO, the Goldman Sachs-funded exchange Circle, will the Bitcoin price in the next three years, in the height, and also the rates of the other crypto-currencies rise accordingly, since the adaptation and use of crypto-currencies is actually very high:
The basic evaluation metrics in this area really focus on the actual use of these platforms. Currently, there are obviously hundreds of different crypto-Assets. There are flagship crypto network like the Bitcoin network, the Ethereum network. And if you look at the relationships between the core use and value, they are actually highly, highly correlated. […] And what we actually see, both for Bitcoin as well as Ethereum in Particular, there is a certain degree of decoupling. Suggesting that these two assets are oversold values. And so, in the case of Bitcoin, maybe moderately oversold. In the case of Ethereum, potentially quite significantly oversold. The intensity of use remains very high – the number of people using Smart Contracts, and the like.
What relates to the future price of BTC, said Allaire, that he doesn’t want to get into the forecasting game. He believes, however, that BTC will rise significantly in the coming years. He is also of the opinion that the crypto-market will not end in a Winner-Takes-All scenario, instead, exist, in his opinion, in the coming years, millions of digital Assets.
I do not have a significant price predictions, but I think it will certainly be worth a lot more than it is today. […] I don’t think there will be a single winner who wins everything. We have a phrase: “The Tokenization of all.” We believe that crypto-currencies represent any Form of financial assets in the world. It will be in the next few years, millions of them.
On the question of what will end the current slump, said Allaire, that it is not that the “fundamentals” of the crypto-currencies have changed, just because their prices are falling. Regardless of the daily price of the Allaire said that Bitcoin could play a “very important role” as a non-governmental store of Value.
The most Important thing about Bitcoin is that it is in its safety, and its scope is unique. […] Can hold as an idea that we need a tight, non-governmental store of Value, the individuals protected – this is attractive to the whole world.
On the question of when a regulation in the crypto industry will take place, said Circle CEO Jeremy Allaire, is that digital Assets are actually regulated for some time in the United States.
Just to clarify it, the US has more regulatory clarity than almost any other market in the world. The exchange of Cryptocurrencies with the banking system is regulated in more than five years. […] Companies like Circle and Coinbase are subject to the Bank secrecy act and the money transmission laws. This is from the point of view of consumer protection and financial crime is very important.
The entire Interview you can see below.