Ethereum May Be “as Broadly Adopted as the Internet,” Says Circle Co-Founder

Omar Faridi
  • Circle co-founder Jeremy Allaire stated Ethereum might be “as broadly adopted as the internet.”
  • Per Allaire Ethereum has “catalyzed” a lot of “competing infrastructure” such as Cardano, EOS.

Jeremy Allaire, co-founder of crypto finance firm Circle, recently told CNBC that cryptocurrencies and blockchain technology may eventually be “as broadly adopted as the internet is today.” He added that digital currencies are “a really fertile space in terms of the fundamental, technical, and infrastructure.”

Allaire noted the Ethereum platform currently “has an enormous amount of developer activity” and that it “really catalyzed the [cryptocurrency market] last year.” According to the Circle co-founder and CEO, Ethereum has been instrumental in driving the digital currency industry because “you [can] build apps on top of it.”

ICOs Raised $12.4 Billion This Year

Allaire added that the number of initial coin offerings (ICOs) has significantly increased and that the popular crowdfunding method raised $3.8 billion in 2017. Notably, crypto and blockchain startups have raised approximately $12.4 billion this year from ICOs, well over three times the amount raised last year.

The evolving cryptocurrency market “also catalyzed a lot of competing infrastructure to Ethereum”, the Circle CEO remarked. He then mentioned that Cardano, EOS, and NEO were among many other the crypto projects now competing directly with Ethereum.

Digital Currency Group founder and CEO Barry Silbert also commented on the positive trends in the market. Silbert stated that despite the US Federal Reserve chairman Jerome Powell criticizing digital currencies, Bitcoin “[didn’t] move, I think that’s a really bullish sign.” Powell had said cryptocurrencies pose serious risks to traders and “relatively unsophisticated investors” since there is “no promise” regarding their future performance.

Ethereum Could Be As Influential As Apple

Interestingly, this isn’t the first time a prominent personality addresses Ethereum’s potential to become a dominant socioeconomic factor. In May, Apple co-founder Steve Wozniak said that Ethereum could one day be as influential as Apple and that blockchain technology would drive “the next major IT revolution.”

Meanwhile, Bitcoin Cash advocate Roger Ver stated in May that Ethereum was a “technologically superior” cryptocurrency and that it would experience massive gains this year. In fact, Ver predicted that Ethereum would eventually surpass Bitcoin to become the most dominant digital currency.

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Mysterious Whale Buys 20,000 Ether on Crypto Exchange Binance

Francisco Memoria

A mysterious whale has recently bought around 20,000 ether tokens, worth $4.3 million, on leading cryptocurrency exchange Binance. Estimates suggest the whale has accumulated 300,000 ETH over the last few weeks.

According to Su Zhu, the CEO of Three Arrows Capital, the Ethereum whale has been accumulating the cryptocurrency during its recent dip below the $200 mark, and has been helping it remain above it.

Some users speculated the whale was just adding a so-called “prop bid,” a move that attempts to manipulate the market by temporarily boosting a cryptocurrency’s price. It would involve the whale adding the order to attract attention and get other buyers entering the market, to then cancel its own order.

Evidence seems to suggest otherwise, however, as the whale’s order was filled and helped the price of ether rise. The order came, according to Finance Magnates, days after a crypto YouTuber claimed a sell order of 15,000 ETH on crypto exchange Bitstamp saw the cryptocurrency’s price drop.

Thanks to the whale’s orders, Ethereum’s ether is currently trading at $217, after rising about 0.6% in the last 24-hour period. Earlier today the cryptocurrency’s price jumped from about $205 to $225 in about an hour.

Whales have, as CryptoGlobe has been covering, been seemingly accumulating cryptocurrency over the past few months. Earlier this month a 15% drop in bitcoin’s price saw whales accumulate more BTC, as data from Coinbase showed its users with the largest balances (the top 10%) were mostly buying the cryptocurrency.

Curiously, a research report from May of this year published by crypto surveillance firm Chainalysis revealed only 376 whales held about one third of all ETH in circulation. These whales were shown to not move their ether very often, as they’re holding their crypto and not actively trading it.