Jeremy Allaire, the CEO of Circle, believes digital currencies will revolutionize how we move money, just like the internet revolutionized information sharing.
Zero-Cost Transactions: The Future of Money
Allaire compares the internet’s ability to connect computers and share information to the potential of blockchain technology. He says that digital currencies will make it almost free to move money across borders, thanks to the “physics of the internet.”
He points to Solana, a competitor to Ethereum, which aims to make transactions as fast as possible. Allaire believes that this will lead to a huge increase in the speed of money, similar to the explosion of information sharing on the internet.
A More Productive Economy
Allaire argues that this increase in money velocity will lead to a massive boost in economic productivity. He believes that the number of transactions could increase by a factor of 1,000, creating new economic value.
“Money moving in the economy is what creates economic value,” Allaire says. He believes that by removing the friction from financial transactions, we can unlock a new era of economic growth.
