Circle Chief Executive Officer Jeremy Allaire on Monday appeared on CNBC to talk about the recent volatility of bitcoin, why it’s still attractive as a safe haven asset, and why stablecoins are likely to become a major focus for the G-7.
Snippets of his remarks are available below. You can watch his full interview here:
Circle CEO Says Bitcoin is Attractive for a Variety of Reasons. “Clearly a non-sovereign digital asset like bitcoin is attractive to people who are interested in moving capital into a place where they can control it themselves. That underscores a lot of interest that’s been there over time. It’s the digital gold thesis and I think a lot of both institutional accumulators of bitcoin, individuals, very specifically individuals in jurisdictions or environments where the intense concern about capital controls are there. That’s an underlying thesis that I think has had an impact on it for the last 8 years.”
Circle’s CEO says the Recent Volatility in Bitcoin Might Be People Trying to Take Gains Following Months of Growth. “Last week was a significant risk-off week for equities. You saw there were a lot of holders of digital assets whose broader portfolios were taking a hit and if they had gains, obviously bitcoin is up over 100% almost 200% over the past 9 months or so, that’s a place to take some gains as well. Depending on the type of holder so to speak, you’re going to see slightly different behaviors during these market moves.”
Circle’s CEO says Crypto and Stablecoins Will Likely Become Major Topics for the G-7. “Crypto as an agenda item is absolutely on the docket, it’s becoming a major topic not just because of the continued growth of things like bitcoin but also the growth in stablecoins like USD Coin (USDC) & Libra.”