Circle CEO says: No one will use Bitcoin in 5-10 years

Author: ManjiMasha

Circle CEO Jeremy Allaire

Circle CEO Jeremy Allaire seems to think Bitcoin will die in 5-10 years.

There is no doubt that Bitcoin is the best performing cryptocurrency on the market right now. After it was first launched in 2008, the concept of Bitcoin brought financial independence to third world countries with unstable currencies or repressive governments. Since then, Bitcoin has become famous and is now accepted as a viable payment method by many businesses, from Italian taxis to Overstock.

But Allaire said that despite its achievements, he still finds it hard to imagine that anyone will still be using the currency around 2022. Admittedly, as the CEO of a P2P payment company that uses Bitcoin, his words surprised many people. Allaire boldly stated: "Our view is that we are still in the really early stages of technology and its development. It is very unlikely that Bitcoin will still be used in the next 5-10 years. Just like no one uses NCSA Mosaic or Netscape Navigator (both are early browsers) now."

Allaire went on to say that Bitcoin was doomed to disappear for two reasons: lack of regulation and, perhaps surprisingly, inconsistent use. He said that when you really stop and look at how often Bitcoin is used around the world, it's not that surprising.

The CEO also dismissed bitcoin competitors like Zcash, claiming it has nothing to lose in terms of “mainstream adoption.”

“If you’re a gambler or you want to evade taxes, that might work a little bit… but if you want to actually do something to increase utility value, to benefit consumers and businesses who are focused on making the economic system more productive and more efficient, then you need a different design focus than how to evade taxes and government regulation.”