Future of Bitcoin Will Be Determined by Central Banks, Says Jeremy D. Allaire

0
151
Future of Bitcoin Will Be Determined by Central Banks, Says Jeremy D. Allaire
Future of Bitcoin Will Be Determined by Central Banks, Says Jeremy D. Allaire

Future of Bitcoin Will Be Determined by Central Banks, Says Jeremy D. Allaire

Jeremy D. Allaire became famous when he co-founded Allaire Corporation with his brother JJ Allaire. He also created the web development language ColdFusion. However, now he has become a penchant supporter of Bitcoin after launching a new startup to drive mainstream adoption of digital currency such as Bitcoin.

His company Circle Internet Financial with $9 million series A from Jim Breyer, Accel Partners & General Catalyst Partners brought in payment acceptance tools to merchants, and easy to use services to consumers. Jeremy D. Allaire believes that Bitcoin will one day be subject to global treaties and central bank interventions.

Coming from one of the virtual currencies’ biggest backers who have successfully run several startups, it looks like his predictions may become correct. Contrary to the general actions and views by various central banks, Jeremy D. Allaire says that the future of Bitcoin will be determined by central banks, standards bodies and corporate contributors.

Jeremy D. Allaire was doing a keynote address in New York to set out a vision of the digital currency which has become an alternative to the fiat. It is a decentralized currency and saves us from the governmental manipulation. In his pursuit to take Bitcoin to the mainstream, he started Circle Internet Financial, which according to him is doing fairly well.

Governments May Initiate Regulation and Treaty to Regulate Bitcoin Mining Cartels
Presenting his views at the Inside Bitcoins, an event that is going to shape the way Bitcoin is being perceived, Jeremy D. Allaire said that Bitcoin’s emergence as a global payment platform will depend on governments altering anti-money-laundering laws. If Bitcoin can integrate with the world’s existing banking infrastructure, it will be a wonderful thing for it.

**relatedarticle**

Though several instances show that Bitcoin is used less for transactions and more for saving, Jeremy D. Allaire’s views are of great importance. Incidentally, the Treasury Department of the US considers Bitcoin as property and not currency. He clears that the choice between Bitcoin and conventional fiat currencies doesn’t represent an “either/or” proposition.

Rather, according to him the two systems i.e. fiat and Bitcoin will one day become intertwined through commercial banks and ATM networks. The governments may be prompted to initiate regulations and enter into treaties for better management of the market in the future.

However, critics say that if government starts influencing or intervening into Bitcoin, the whole purpose of decentralized currency will be defeated.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com