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

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.