Circle CEO Jeremy Allaire said the stablecoin industry will thrive in the coming years.
In a new interview with CNBC Television, Allaire said that the modern features of stablecoins could allow the industry to see explosive growth in the coming years as demand for online digital dollars increases.
“A digital dollar that can be a powerful store of value and medium of exchange with all the capabilities of the Internet. That’s what the dollar stablecoin does. A huge innovation (it) is expected to lead to explosive growth in the coming years. A tremendous utility for your dollar on the internet.
(a) There is a huge appetite for dollars on the Internet. That’s a very big deal, and it’s different from people who want to do, say, a currency hedge or a store of value hedge.”
According to Allaire, many investors are turning to digital assets, including Bitcoin (BTC), as a hedge against risk, suggesting the nascent industry is here to stay. However, he points out that BTC cannot meet all of investors’ needs.
“Digital products are here to stay… Value will be assessed differently. Gold has a different value from oil, and copper has a different value from oil. So there will be these digital products.
Bitcoin in particular is sort of the biggest digital commodity asset and in the minds of many people who invest in it, it’s a hedging asset. “It may be correlated with money supply availability, but it may also be uncorrelated, so it’s definitely not a one-size-fits-all.”
At the time of writing, Bitcoin is trading at $41,932, up 2.13% in the last 24 hours.
me
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney