In a Reddit Ask Me Anything (AMA) session held on Thursday, Jeremy Allaire, and Sean Neville, the two co-founders of Circle, predicted that bitcoin would become more significant as a store of value than as a payment and settlement protocol.
Jeremy Allaire stated that there would be millions of different crypto assets in the future and each one of them will serve a specific purpose. Fiat currency assets and stablecoins, for instance, will be used for payments and settlements while commodity assets will act as a fuel for utilizing protocols, networks, and applications.
Allaire responded to questions about financial regulators, Circle's contributions to open source projects, fake exchange volumes, privacy coins, over-the-counter (OTC) trading, security token offerings (STOs), the USDC stablecoin, mainstream adoption of crypto, and the current bear market.
According to him, Circle was launched in October 2013 as a peer-to-peer (P2P) payments technology company, and initially, only had one product: "Circle Pay", a way to "move money between currencies, countries, and friends."
"So the short answer is that we think SOV assets like Bitcoin will become much much larger and more broadly adopted and that other crypto assets will be used in an incredibly broad array of everyday transactions," Allaire wrote.
Circle is a famous Goldman Sachs-backed fintech startup which purchased popular in the U.S. cryptocurrency exchange Poloniex at the beginning of 2018. The startup also has its own stablecoin — USD Coin (USDC).