The 2019 World Economic Forum in Davos, Switzerland, is currently underway. This event sees ”leaders of global society” come together to discuss and tackle global economic challenges and development. As such, blockchain and cryptocurrency is now taking a more prominent role at the conference than ever before.
Allaire: Cryptocurrency is needed if we want society to survive the digital age
Circle’s CEO Jeremy Allaire recently spoke at the conference, highlighting the need for decentralized currencies. Furthermore, Allaire did not hesitate in describing how vital cryptocurrencies are – noting that ”humanity can’t survive” without cryptocurrency.
Specifically, on January 23rd Allaire spoke on the subject, questioning why some are skeptical towards cryptocurrencies. ”People throw around ’crypto’ like it’s a bad thing – it’s scary,” Allaire stated.
”Guess what? Cryptography is at the foundation of protecting modern society, human privacy. It’s a fundamental tool of our cyber defenses. It’s a fundamental tool of every corporation,” he continued.
Moreover, Allaire also went on to note that modern society hinges on the reliance of our digital infrastructure. As a result, Allaire argued, humanity’s survival through the digital age is intrinsically tied to cryptocurrencies and the advantages they hold.
”Crypto is fundamental to the future. We need tamper-proof, resilient, decentralized infrastructure if we want society to survive the digital age,” Allaire said.
Decentralized technology more disruptive than the web, banks and crypto can coexist
Moreover, Allaire also said that decentralized technology could potentially hold the keys to advances ”more transformative even than the web.”
In addition to this, he also highlighted how decentralized technology can have a far greater potential impact on core societal institutes, such as economic and civic institutions.
Nevertheless, Allaire also shared some potentially divisive opinions. Although a few cryptocurrency ”purists” believe that cryptocurrencies will eventually render traditional financial institutions obsolete, Allaire argued that central banks and cryptocurrency institutions can co-exist peacefully.
”We’re huge proponents of central bank digital currency and we believed in that for a very long time,” Allaire stated. ”Our view is that the creation of cryptocurrencies that are based on central bank money is happening in the private sector first. We launched USD Coin last fall. It’s growing rapidly.”
Furthermore, Allaire also reiterated his bullish stance on cryptocurrency and Bitcoin. He said that, no matter the daily price of Bitcoin, – which he expects to soar within the next three years – Bitcoin will play a ”very significant role” as a non-sovereign store of value.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.