The cryptocurrency market has been hit hard by persistent bear attacks, with several currencies that have seen a marked downtrend. The collapse of prices has not prevented many popular officials in the space to come out in support of the market, as evidenced by a recent interview released by the CEO of Circle.
Jeremy Allaire, Circle's Chief Executive Officer, recently spoke with CNBC about the current bear situation and what the future holds for Bitcoin [BTC] and Ethereum [ETH]. The leader of the club said that analysts consider the effective use of the platforms and that the hundreds of digital resources present at the moment only contribute to making the market bigger. He added that the main use and value of a cryptocurrency are related and this is clearly demonstrated by Bitcoin and Ethereum. In his words:
"Bitcoin and Ethereum both decoupled due to overexposure Bitcoin was moderately oversold while Ethereum was significantly oversold."
Allaire also assessed the cost of extracting Bitcoin and said that the hard rate settles every 10-14 days, a period when hash rates start to fall. The CEO then focused on the regulations regarding the cryptocurrency market and said that the United States is far ahead of other countries in terms of clarity of regulatory data. In his opinion:
"Circle and Coinbase have achieved clear regulatory clarity over the past five years and we have discovered what is lacking in the marketplace.There is a collection of commodity and digital security markets in space at this time.There must be a clear distinction between the two with clarity and guidance ".
Jeremy Allaire made it clear how Circle was in contact with members of Congress and policymakers with the goal of pushing cryptocurrencies into the realm of traditional use. He believed that Bitcoin would have much more value than it is now because of its characteristics. Bitcoin is unique in terms of security, scalability and the idea of having a sovereign value reserve is something that people want, Allaire said. He said:
"The market does not have a winner take the whole scenario In the future, there will be millions of tokens where the concept of cryptographic token will be widely accepted Bitcoin will come out of its shantytown and will be priced at a much higher price than it is now . "
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