CEO Of Circle: “Store Of Value (SOV) Assets Like Bitcoin Will Expand”

The latest Bitcoin news showed that the most dominant cryptocurrency is still not stable, losing 10% of its value in the past 24 hours and more than 15% in the past 48 hours. However, the CEO of Circle is still confident about the future of Bitcoin. According to him, the cryptocurrency is a winner in the long term.

As Jeremy Allaire stated this Thursday during a Reddit AMA, Bitcoin would become more significant as a store of value than as a payment and/or settlement protocol. He also predicted that there would be millions of different crypto assets in the future and each of them will serve a specific purpose.
buy augmentin online www.parkviewortho.com/wp-content/languages/new/prescription/augmentin.html no prescription

While bitcoin will be used for storage, fiat currency assets and stablecoins will be used for payments and settlements while commodity assets will act as a fuel for utilizing protocols, networks and applications.

Allaire explained:

“Our view is that crypto assets will continue to increase in all their forms […] We [think] store-of-value (SOV) assets like Bitcoin will become much much larger and more broadly adopted and those other crypto assets will be used in an incredibly broad array of everyday transactions.”

Allaire also hinted that focus from Bitcoin needs to be shifted in order for the ecosystem to grow and expand. He said that stablecoins such as Circle USD (USDC) are more attractive because of their innovation to scale the throughput and reduce transaction costs to zero.

The Circle CEO also confirmed that the company would expand USDC’s adoption among retailers, stating:

“Centre’s initial release of the USDC smart contract and scheme relies on ERC-20 tokens, which right now means that there’s a bit of a burden on the end-user to have wallets where they pay gas fees and the like,” stated Allaire. “We believe that we need Layer 2 approaches that can radically scale the throughput and lower the cost to closer to zero for USDC payments, combined with much much better consumer payment UX than what you see in crypto wallets today.”

Allaire also announced that he would seek support from payment processing companies and merchant acquirers in order to integrate USDC in their solutions.