Circle CEO Allaire Believes Geopolitical Climate Is Boosting Bitcoin

Circle CEO Allaire is one of the influential people in the crypto space that believes that the current geopolitical climate is perfect for the crypto industry’s growth. In some of the best cryptocurrency news sites we can read that investors believe that the traditional investment strategies have avoided bitcoin in the past but not anymore.

For the bigger part, the legendary investor Warren Buffett for example called cryptocurrency a rat poison squared and later explained that there isn’t much inherent value in the project.
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There is also the growing narrative that the need for Bitcoin is also growing as the current tumultuous macroeconomic and geopolitical climate is the best for the growth of the industry. The Circle CEO Allaire perpetuated this narrative on CNBC on Monday.
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Bitcoin has been in a great motion over the past week. According to the analytics site Coin360 it shows that the asset is up by more than 20 percent in the past seven days. As of the time of writing, the number one cryptocurrency is slowly approaching $12,000 as it is standing now at $11,700 which is down from the year-to-date top but still $2,600 up from the monthly bottom.

According to Allaire when he appeared on CNBC, this rally has much to do with what is going on in terms of turmoil on the geopolitical stage:

 “You can very clearly see some macro correlation there. I think the broader theme of, you know, Bitcoin specifically, crypto more broadly participating in these global macro forces is becoming more and more clear.”

Bitcoin began its latest rally around two days ago in a correlation with the tweet by the United States President Donald Trump which also coincides with the drop in the value of the Chinese Yuan against the US dollar. This is the second time that the tariff-related messages from the Trump administration have resulted in a drop of the Yuan and a rally for BTC. Allaire continued as we can read today in the latest cryptocurrency news:

 “Rising nationalism, rising amounts of currency conflict, trade wars, these all obviously are supportive of a non-sovereign, highly secure digital store of value… It’s uncensorable, unseizable, these are really powerful attributes that for people who are looking at risk assets or looking at fundamental turmoil, it can be a very attractive asset in that context.”