Circle CEO on Whether Bitcoin Is Still 'Attractive' as a Safe Haven Asset

Siamak Masnavi

Circle CEO Jeremy Allaire talked on Monday (August 19) talked about Bitcoin's recent price action and whether Bitcoin can be considered a safe haven asset.

The Circle CEO's comments during an interview on CNBC's "pre-market morning news and talk program "Squawk Box", where he was asked questions by Andrew Ross Sorkin and Joe Kernen, at a time when Bitcoin was trading at $10,702.

Sorkin started the interview by asking Allaire for an explanation of Bitcoin's price action over the past two weeks. Allaire replied:

"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 like the underlying thesis and I think that has had an impact on it for the last 8 years."

Next, Sorkin asked Allaire if we should be thinking that money moved out of China (due to the recent political unrest in Hong Kong) into Bitcoin or whether the price of Bitcoin went up because people are speculating that the price of Bitcoin will increase in similar situations in the future. 

Allaire answered:

"Yeah, I think likely it's a mixture of both, and obviously it's not something you can clearly measure at any given time... Last week was a significant risk-off week for equities. You saw there were a lot of holders of digital assets whose broader portfolios were taking a hit and if they had gains, 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."

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Bitcoin Billionaires Tyler and Cameron Winklevoss Hold a Substantial Amount of Ether

Michael LaVere
  • Bitcoin billionaires Tyler and Cameron Winklevoss claim to own a substantial amount of Ethereum.
  • The Gemini co-founders say their ether holding is in the "same galaxy" as the amount of BTC they own. 

Tyler and Cameron Winklevoss, known collectively as the Winklevoss Twins, claim to hold a substantial amount of ether in addition to their bitcoin fortune. 

The Winklevoss Twins, who have an estimated net worth over $1 billion in bitcoin holdings, said in a recent interview that they have also invested heavily in ethereum. 

Speaking with Camila Russo of The Defiant, Tyler and Cameron revealed they held a substantial position in ether.

We definitely own a lot of Ether. They’re large and it’s a material amount, yeah quite large… I think it’s safe to say material by any person’s standard, like anybody’s wealth amount.

The twins continued, 

It’s sizeable. A couple of years back we made a concerted effort to buy a lot of Ether.

While the Winklevoss’ did not reveal their exact ether holdings, they hinted it was in the “same universe” and “same galaxy” as their bitcoin holdings. 

The Winklevoss Twins, who co-founded the cryptocurrency exchange Gemini, have previously made it known that their goal is to hold 1 percent of the world’s total supply of bitcoin. In 2013, the Twins claimed to have more than 120,000 BTC, valued at $1.1 billion at today’s prices. 

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