An hour-long discussion on the future of cryptocurrencies was held today as part of the Davos 2019 World Economic Forum in Switzerland. Circle CEO Jeremy Allaire told the panel that crypto will be "much more transformative than the web".
Allaire believes that crypto has the potential to transform the "fundamental primitives of the global financial system". He insisted that blockchain and decentralization was key to surviving the digital age.
Crypto and blockchain technologies will have a “far greater impact on our civic institutions, our economic institutions, and on the nature of the firm itself in the long run” than the internet.— Circle (@circlepay) January 23, 2019
Speaking about the resistance that many people still have to the decentralized transformation of money, Allaire compared it to the attitude many had in the early days of the internet.
Responding to fears about the lack of intervention after a potential attack on a decentralized network, he claimed that he was fully behind the movement of central banks to launch their own digital currencies, but that they could not be technological innovators. He claimed that "the middle road" was the best way forward, with individuals taking control of their money through crypto, but also overseen by central bank regulation.
People often have a simplistic view of crypto and don’t see the “incredibly diverse” technical landscape and range of projects being built.— Circle (@circlepay) January 23, 2019
Allaire also spoke about the importance of the distinction between privacy and anonymity-focused crypto tokens, and crypto assets like ETH that function as a store of value.