Bitcoin has been suffering heavily as of late. The world’s number one digital currency by market cap has lost nearly $30,000 from the recent all-time high it hit back in November of 2021. During that time, the asset was trading for roughly $68,000, but today, the currency is stuck at around $37,000. Still, that isn’t stopping men like Jeremy Allaire – the CEO of Circle, a stable coin provider – from having big beliefs about bitcoin.
Jeremy Allaire Is Confident in BTC
In a recent interview, Allaire stated that he is confident bitcoin’s market capitalization will pass that of gold. He also stated that the digital currency is on its way towards hitting a price of about $1 million.
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Allaire is an interesting figure in the crypto space in that he initially began in the software industry with what was known as the Allaire Corp. in 1995. 18 years later, he opened Circle’s doors and entered the crypto forum. The company was one of the first to offer a bitcoin wallet and issue a dollar-backed stable currency in USDC.
He can remember getting into software initially because he felt that the internet – which was coming out at the time – was going to be a major hit and revolutionize the world in ways nobody could have predicted. In an interview, he stated:
I can vividly remember when the first graphical web browser came out on the internet in September 1993. That’s when I decided to commit my life to the internet. I had the same sort of feeling when I did my first bitcoin transaction. My reaction was, ‘This could change everything.’
Overall, he feels that the crypto space is very much in the same position that the internet and the dot-com industry were in about 23 years ago. However, he is confident that the crypto space is going to pull itself out of the gutter and have a real impact on the world. He comments:
There are real similarities between right now and where the internet was in 1999, but this is going to make the web look like small potatoes. The web coordinates information and data, but crypto revolutionizes the whole economic system… I’m not a ‘bitcoin maximalist’, but if you’re looking for a price prediction, I think my own view is that we’ll absolutely see a million-dollar bitcoin over time.
It’s Nothing Like Gold
He is also one of the few industry experts claiming bitcoin is nothing like gold, and thus he does not feel the “digital gold” reference commonly applied to BTC has any merit. He says:
I don’t actually like the ‘digital gold’ analogy because gold is such a relic. It has extremely limited value as a form of exchange, and it’s never had utility in modern society as a form of money. I think the demand for bitcoin is going to be much, much larger.