Cryptocurrency update: Goldman Sachs-powered circle believes Bitcoin and cryptos poised for a breakout

The market is still stuck near the levels of the lows traded in 2018 in spite of the frequent attempts by the bulls to reverse the trend. Cryptocurrency experts had predicted towards the end of last year that the market will hit a bottom in the first quarter of 2019 and embark on a recovery journey. However, the reversal is yet to come, a situation that is sending jitters across the cryptocurrency sphere.

The chief executive officer of Goldman Sachs-powered platform Circle is reported to have said that the blockchain technology behind Bitcoin and other digital assets will play a vital role in the future. Jeremy Allaire was speaking during the World Economic Forum held in Davos. He added that the those who are still skeptic about the power of crypto have to familiarize themselves with the technology.

“People throw around ‘crypto’ like it’s a bad thing…

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.”

While in an interview with CNBC, Allaire reckoned that Bitcoin and other digital assets are on the verge of a sharp breakout in the years to come.

“We see this as much more transformative even than the web. We think this has a long arc that will have a far greater impact on our civic institutions and our economic institutions.”

He continued:

“The key thing with Bitcoin is it’s unique in its security and its scale. And this idea that we need a scarce, non-sovereign store of value that individuals can hold in a protected fashion, that’s attractive all around the world. And I think it will be increasingly attractive.”

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