Controlling Capital Comes with Bitcoin, Says Circle CEO

Even through the ongoing volatility that is being seen in the Bitcoin? market, many commentators are maintaining that Bitcoin? holds onto its status as a safe haven investment. Throughout a time of financial uncertainty where the US and China are starting up a trade war and even the European Central Bank is printing money, Bitcoin? remains removed. 

This has led Circle, the payments processor from the US, and their CEO, Jeremy Allaire to state that people who are looking to be in charge of their own money and capital cannot go wrong with Bitcoin?. 

Allaire, despite mainly operating his business with fiat currencies, is a big believer in cryptocurrencies having not only opened up trading through the Circle app, but even going so far as to sit on Bitcoin?’s side of the fence in giving evidence in the US Senate. 

Allaire basically outlined that in a time where monetary systems are falling prey to the wills of central banks and governments, there is uncertainty that cannot be escaped. However, Bitcoin? offers those who want financial control and capital stability, a better option despite the fluctuating price. 

An attractive alternative

Allaire expressed his views on Bitcoin? being a financial alternative during CNBC’s Squawk Box.

"Clearly, a non-sovereign digital asset like bitcoin? is attractive to people who are interested in moving capital into a place where they can control it themselves. That underscores a lot of interest that’s been there over time.”

“It’s the digital gold thesis, and I think a lot of both institutional accumulators of bitcoin?, individuals, very specifically individuals in jurisdictions or environments where the intense concern about capital controls are there.” 

“That’s an underlying thesis that I think has had an impact on it for the last eight years," he explained. 

Despite the volatility?

It is often hard to picture Bitcoin? as a safe haven for financial wealth when the price of the coin? can fluctuate 20 percent in a day easily. On the one hand, it can rise 20 percent and give good gain cementing its status as a viable investment, but it can just as easily drop by the same margin at a moment’s notice. 

Despite the volatility - which has returned recently as the price of Bitcoin? flutters between $9,000 ad $12,000 - Alliare urges those who want to control their capital to look at the bigger picture.

“Obviously, Bitcoin? is up over 100%, almost 200% over the past 9 months or so, that’s a place to take some gains as well. Depending on the type of holder, so to speak, you’re going to see slightly different behaviors during these market moves," he added.

It is also worth noting that Bitcoin? has been steadily entering the mainstream spotlight again with not only its return to a more expected price, but because of its adoption and use cases. More so, the very design of Bitcoin?, with its diminishing inflationary pattern and its increase inscarcity means that on a macroeconomic level, it is expected to keep rising in price.