Circle CEO Jeremy Allaire expressed optimism about the future of cryptocurrencies. In the 11 years since Allaire founded Circle, he believes that most people have limited understanding of the major developments currently taking place in the crypto space. His optimism stems from observing the evolution of internet technology over the past 35 years and recognizing the potential of cryptocurrencies to transform society and the economy.
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
Early skepticism has been overcome
He said that in 2013, the concept of cryptocurrency was considered marginal and was often associated with illegal activities. Although the technology was limited, slow, and complex, Allaire and other early adopters saw the potential of the decentralized web. They face hostility from financial institutions and skepticism from the media, but their vision for digital infrastructure transformation remains clear.
It has entered the broadband network stage, and Bitcoin has become an important target
He believes that the public blockchain infrastructure has now developed to the third generation, supporting large-scale applications with trusted data, transactions and calculations. A thriving global blockchain network community is constantly innovating to improve data availability, security, privacy and transaction throughput. Allaire likens the current state of blockchain to the early days of broadband and expects significant progress in the future.
Recent breakthroughs in security, privacy, and scalability, such as zero-knowledge technology (ZK) and fully homomorphic encryption (FHE), suggest that cryptographic computing will support major applications. Thousands of new innovations around the world are building on this infrastructure, further solidifying the role of digital assets in the emerging global financial system. Major governments are developing clear regulations for digital assets, and Bitcoin has become an important alternative investment asset.
Growing global acceptance
He believes that the world’s largest asset managers now offer blockchain-based products and that cryptocurrencies have become a global political issue. Governments are racing to promote innovation while ensuring responsible development. Improved user experience makes cryptocurrencies more accessible, and major payment companies are integrating blockchain technology to enhance their services.
Stablecoins are on the rise and will be recognized by most legal jurisdictions next year
He believes that stablecoins have become the clear killer application, providing the digital dollar that drives the on-chain economy. They are starting to serve the future of banking, lowering remittance costs and enabling seamless cross-border commerce. By 2025, stablecoins are expected to be legally recognized as electronic money in nearly all major jurisdictions, potentially accounting for a significant share of the $100 trillion electronic money market.
(MiCA will be launched at the end of the month, and Tether CEO is worried about the operational risks of stable currency)
Advances in Blockchain Infrastructure
He believes that the infrastructure for building, deploying and operating blockchain applications has improved significantly. Enterprise-grade products and services now support these networks, providing hosting solutions suitable for end-user self-custody and institutional use. Developer tools and knowledge continue to increase, making blockchain technology accessible to more and more people.
Widely used and adopted
He believes that retail companies are launching applications that connect to public chains and use digital tokens, covering payment, social, gaming, ticketing and enterprise use cases. National governments are investing in blockchain infrastructure and ecosystem development, passing legislation to incentivize innovation. Exciting new apps gain attention every week.
The road ahead
Allaire believes we are still in the early stages of cryptocurrency adoption, which makes him very optimistic about the future. He envisions a world where digital tokens are widely understood and legitimately used for incentives, governance, and record keeping. As blockchain networks evolve, they will support billions of users and millions of applications, revolutionizing finance, commerce and governance.
This article Circle CEO: Stablecoins can be recognized by most legal jurisdictions in 2025 and become mainstream electronic currencies first appeared on Chain News ABMedia.
