Circle CEO Credits Ethereum for the 2017 Crypto Bull Run


Jeremy Allaire, the CEO of Circle, a Boston-based fintech and investing company, believe that Ethereum was the driving factor behind 2017’s massive cryptocurrency bull run.

In a recent interview on CNBC’s Fast Money, Allaire compared Ethereum and other blockchain platforms to commodities like oil, which help to fuel entire industries.

One of the things that really catalyzed the [cryptocurrency] market last year was actually that ethereum, in particular, kind of got to a place where you could build apps on top of it. You could issue new tokens on top of it; you could create new kinds of financial contracts, using the smart contracts technology.

Allaire also touched on the current state of the crypto markets, detailing where he believes the best investor opportunities exist. He states that investors should target not only opportunities on the protocol level (ETH, ADA, NEO) but also the “killer apps” that are being built on top of them.

Allaire concludes by projecting that these utility tokens will have significant upside in the second half of 2018.

Circle is notably backed by Goldman Sachs, and recently raised a $110 million investment round Led by Bitmain to build a new USD-Backed Stablecoin. Circle is currently valued at $3 billion.

More: Ethereum may drive blockchain to be as broadly adopted as the Internet, fintech CEO says

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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