Benzinga - Jeremy Allaire, CEO of stablecoin issuer Circle, voiced increased optimism about the current state of cryptocurrencies and expected significant advancements over the next decade.
What Happened: In a long post on X Wednesday, Allaire enthusiastically remarked, "I'm more bullish than I have ever been about crypto."
The technologist outlined how sentiment around cryptocurrencies, especially Bitcoin (CRYPTO: BTC) drastically changed in the last 10 years. Blockchain technologies, initially dismissed as fringe, illegal, and uninteresting, progressively evolved to give a layer of trust to the otherwise excessively centralized internet.
I'm more bullish than I have ever been about crypto.I have been building @Circle for over 11 years, and at no time have I been more optimistic than right now.
I also believe that the overwhelming majority of people have an extremely narrow and limited understanding of what's…
— Jeremy Allaire (@jerallaire) June 19, 2024
Apart from the mainstreaming of blockchain infrastructure, Allaire noted how digital tokens have become more integrated into the global economy.
"Bitcoin itself has become one of the largest and most important alternative investment assets on the planet," the entrepreneur remarked.
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Allaire also made a bold prediction about stablecoins, projecting a 10% share of global economic money in the next 10 years or more. He also predicted that the national currency-pegged cryptocurrencies will become "legal electronic money" everywhere by the end of 2025.
Why It Matters: Jeremy Allaire's bullish stand comes amid a robust recovery of the market in 2024 following the bear market downturn
The global cryptocurrency market rose 46% year-to-date to $2.41 trillion at the time of publication. Market bellwether, Bitcoin (CRYPTO: BTC), spearheaded the growth, with a 55% jump, fueled majorly by the listing of spot ETFs in the U.S.
The stablecoin market cap was worth $162 billion, led by Tether (CRYPTO: USDT) and Circle’s USD Coin (CRYPTO: USDC)
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