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Bitcoin Will Hit $1M, Says Circle CEO

 


The leading cryptocurrency trades at around $38,000 per coin, but Circle's CEO is optimistic that its value will skyrocket in the coming years.


Jeremy Allaire, founder and CEO of Circle, said in a recent interview with Business Insider that he is optimistic about the long-term prospects of the cryptocurrency market.


According to Allaire, the price of Bitcoin would reach $1 million in the coming years. Allaire added that its market cap would eventually surpass gold:


"I'm not a 'bitcoin maximalist,' but if you're looking for a price prediction, I think we're absolutely going to see a million-dollar bitcoin over time."


Allaire added that he doesn't like the comparison between gold and bitcoin as he believes the commodity is a relic. He said:


“I don't really like the 'digital gold' analogy because gold is such a relic. It has extremely limited value as a medium of exchange and has never had any utility as a form of money in modern society. I think the demand for bitcoin will actually be much, much greater."


Bitcoin remains the largest cryptocurrency by market cap. It reached a market cap of $1 trillion in November. However, the market cap has fallen to the $700 billion mark as the bearish trend continues.


Despite Bitcoin's status, some within the crypto space believe that it would be overtaken by Ethereum in the long run.


The Ethereum blockchain has more use cases than Bitcoin and has been behind many revolutions such as initial coin offerings (ICOs), non-fungible tokens (NFTs), decentralized finance (DeFi) and more. Commenting on the battle, Allaire stated:


“There is clearly significant competition between Bitcoin and Ethereum. Ethereum maximalists say its monetary policy is superior, has a better deflation mechanism and is more efficient.”


The cryptocurrency market has performed well over the past few hours, with the total market cap now exceeding $1.7 trillion.

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