Circle CEO On Why The Biden Administration Will Likely Warm Up To Bitcoin
Circle CEO Thinks The Biden Administration Will Warm Up To Crypto And Probably Adopt A Crypto-Focused Growth Strategy
The incoming White House administration will likely embrace the crypto technology, says Jeremy Allaire.
Jeremy is the CEO and founder of Circle, a technology company focused on mobile peer-to-peer payments platform. Jeremy shared his opinions in a tweet. He also backed up his views during an interview with CNBC’s Squawk Box.
It’s An Infrastructure Change
During the interview, Jeremy opined that crypto technology represents a paradigm change that greatly mirrors the advent of the commercial internet. From this perspective, it’s apparent the rise and advancement of crypto-based technologies are unstoppable, despite the many attempts by its opposers to impend its proliferation.
In his view, Jeremy thinks that the Biden administration will make efforts to position the US in the most advantageous strategy to reap the benefits of the technology. However, there remains the issue of regulation. At the moment, the crypto market is largely unregulated, a situation that has long been used by haters to bash cryptos, calling them unreliable and insecure investment assets.
Crypto Regulation Is A Complex Issue
Jeremy agrees that crypto regulation is a tricky issue since it involves various markets and industries that have distrusted each other for a long. Finding a common ground for all stakeholders to work together is a daunting task given that their interests vary, and failure for the parties to support each other could give rise to counter-productive regulatory policies that may hurt the whole economy.
On the bright side, Jeremy is optimistic that the incoming president will govern from the middle and get all the members to reach a consensus that will ultimately enable the crypto industry to thrive alongside the banking, blockchain, and tech sectors. This will in turn strengthen the country’s economic position on the global stage.
Crypto Advocates Will Fight To Make It Legal
Also, it’s very likely that crypto advocates will continue to battle it out with the relevant authorities as they make efforts to make cryptos legal. Jeremy reminds of 1996 when advocates of a free internet won against the few parties that sought to stifle and monopolize the internet.
As a result, net neutrality prevailed as the internet blossomed into what it is today. The next blossoming season could favor the crypto industry.