Blockchain Progress News & Updates

Why Mankind Can’t Survive Digital Age Without Blockchain & Cryptocurrencies

#Circle CEO Jeremy #Allaire says #humanity can’t survive the #digital age without crypto because its decentralized #nature and #resiliency make it indispensable. Allaire made the remarks at the 2019 #WorldEconomicForum in #Davos, #Switzerland.

Allaire says #cryptocurrency #skeptics are merely that way because they’re #unfamiliar with the new #technology.

‘#CRYPTOGRAPHY IS FUNDAMENTAL TO THE #FUTURE’

“People throw around ‘#crypto’ like it’s a bad thing — it’s #scary,” Allaire said January 23. “Guess what? #Cryptography is at the #foundation of protecting modern #society, #human privacy. It’s a fundamental tool of our #cyber #defenses. It’s a #fundamental tool of every #corporation.”

#Allaire pointed out that modern #society relies on digital #infrastructure. Accordingly, #humanity ultimately won’t be able to #survive the digital age without #digitalcurrencies.

“Crypto is #fundamental to the #future,” he said. “We need #tamper-proof, resilient, decentralized #infrastructure if we want society to survive the digital age.”

We see this as much more #transformative even than the #web. We think this has a long #arc that will have a far greater impact on our civic #institutions and our economic #institutions.

world economic forum crypto jeremy allaire

Circle CEO made the case for #cryptocurrencies at the 2019 World Economic Forum in #Davos.

ALLAIRE: #CRYPTOS CAN #COEXIST WITH CENTRAL BANKS

Some believe that #traditional #bankers love to trash #crypto because they’re secretly threatened that #cryptocurrencies will render #legacy financial #institutions obsolete. However, Jeremy Allaire insists that #centralbanks and the crypto #ecosystem can co-exist.

“We’re huge #proponents of central bank digital #currency and we believed in that for a very long time,” Allaire says. “Our view is that the creation of #cryptocurrencies that are based on central bank #money is happening in the #privatesector first. We launched #USDCoin last fall. It’s growing #rapidly.”

Allaire says #cryptocurrencies are #versatile because they can run over a #blockchain that works #interoperably with tens of millions of digital #wallets around the #world.

It can be used in lending #transactions, in #payment #transactions. It allows you to make dollar #payments, globally, at #pennies and in seconds to minutes. It’s a really powerful #innovation.

ALLAIRE: #BITCOIN PRICE WILL SOAR WITHIN 3 YEARS

Jeremy Allaire basically double-downed on his #bullish #outlook from December 2018. At the height of the #bearmarket, Allaire predicted that the bitcoin price will rocket over the next three years.

#Regardless of its daily price, #Allaire believes bitcoin has a “very significant #role” to play as a #scarce, #non-sovereign store of value.

#PAYPAL CEO AND #BOE ADVISER DISS BITCOIN AT #DAVOS

However, not #everyone at #Davos is bullish about #cryptocurrencies.

Huw van #Steenis — the senior adviser to Bank of England #Governor Mark #Carney — trashed crypto as worthless.

Similarly, #PayPal CEO Dan #Schulman is skeptical that bitcoin will achieve mass adoption by# merchants because he says it’s not a currency and it’s #inconvenient.

“We’re not seeing many #retailers at all accept any of the #cryptocurrencies,” Schulman said.

Some on #Twitter reacted to Schulman’s #anti-bitcoin shade by noting that less than 1% of the #world used #PayPal when it first launched. And look at it now. So the moral is: #Revolutions take time.

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