Circle CEO: ETH was "significantly oversold"

14 Dec, 2018
by David Robb
Analysis
Circle CEO: ETH was significantly oversold

The CEO of Circle recently went on CNBC's Squawk Box to explain the current state of the market. According to Jeremy Allaire, BTC and ETH have both been oversold, although the process of tokenization they popularized is likely to continue in the future.

The assessment of BTC and ETH as oversold was based on figures related to the usage of the blockchains. Allaire maintains that both networks still have a high level of usage, and the price crash merely reflects that speculative investment is departing the market.

When asked about the regulation of the market, Allaire pointed out that the U.S. has "more regulatory clarity" for crypto than almost any other country in the world. He claimed that the distinction between commodities markets and securities was still insufficiently clear, and companies needed more guidance in this area to make informed decisions.

Like most figures in the space, the CEO suggested that building new solutions and creating value on top of existing crypto infrastructure was the best way forward, giving the example of USD Coin as a new development.

Allaire predicted that there would be "millions" of tokenized assets in the future, and denied that the crypto space was a "winner takes all" situation. He is backing Bitcoin due to its status as a store of value, and predicted that it would be worth significantly more in three years' time.

Read more: Circle CEO, Jeremy Allaire, is getting ready for the 'tokenization of everything'"There needs to be normalization at the G20 level": Circle CEO on crypto regulation

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