CEO of Circle: Correlation between BTC and yuan

by in Cryptocurrency News

CEO of Circle: Correlation between BTC and yuan

Circle cryptocurrency's company CEO Jeremy Allaire has joined other prominent industry representatives who believe that Bitcoin has become a defensive asset with which investors can hedge risks associated with global instability. He is convinced that the rampant nationalism, as well as currency and trade wars will be able to strengthen the position of an independent digital means of savings. At the same time, Allaire did not directly answer whether the price of bitcoin increased due to an infusion of Chinese capital or simply on the expectations of such a development. At the moment, it’s really impossible to answer for sure whether investors use bitcoin as a “safe haven” along with gold or whether traders speculate on this assumption.

Related: Burger King Venezuela now accepts crypto payments

Nevertheless, the head of Circle pointed out that the Chinese are actively involved in cryptocurrency trading, despite all sorts of prohibitions. To do this, they use offshore trading floors, he said.

He also recalled the decision of the Chinese court, which said that individuals can own and exchange bitcoins, and the cryptocurrency itself has property characteristics.

Similar statements were made earlier by Tom Lee, Michael Novogratz, Binance Research and representatives of Grayscale Investments.

Last week, Allaire spoke on the Senate Banking Committee and called for cryptocurrencies to be recognized as a new asset class.