Circle CEO Jeremy Allaire said in an AMA (ask-me-anything) that he believes the “core” of crypto values is undervalued. These statements followed after the Bitcoin price dropped to nearly $ 3,600.
Allaire: The markets are oversold
At a Reddit ‘Ask Me Anything’ meeting on January 10, Allaire stressed that his company turned towards Bitcoin in 2016:
My general perception is that the markets have been oversold and that some nuclear installations have decoupled from their use, suggesting that they are undervalued.
… We also believe that many assets were traded in close correlation to BTC, which is irrational. As markets mature, we expect less correlated trading as investors better understand the value, value, and acceptance of specific crypto assets and networks.
The Bitcoin price plummeted further that week, dropping from $ 4,050 to the current level of about $ 3,650.
What are the highs or lows in 2019?
Opinion on the future of key cryptocurrencies is mixed as some well-known names forecast lower lows for 2019 and other analysts think new highs are expected.
This week, Civic CEO Vinny Lingham joined the cryptocurrency speculation, stressing that Bitcoin will be trading sideways for a month or two before there will either be a strong move up or down. Crypto-trading guru Vays warned that it would be possible for the Bitcoin price to fall below the $ 1,000 mark.
At the same time, Mike Kayamori, CEO of Japanese stock exchange Quoine, told mainstream media in an interview that he believes that new all-time highs for Bitcoin will come “by the end of this year”.
Circle CEO Jeremy Allaire believes the fundamentals remain intact
We look at things like hash health, on-chain activity, as key indicators of usage and acceptance … Jeremy Allaire, Circle CEO
It actually seems that the Goldman Sachs-backed Startup Circle has a crush on Bitcoin and other cryptocurrencies.
Also published on Medium.