Circle CEO on BTC: Nobody Will Be Using Bitcoin in 5 to 10 Years

[Wind_FURY]

The source of the statement is from this article http://www.newsbtc.com/2016/11/20/circle-ceo-nobody-will-using-bitcoin-5-10-years/

So I ask this. As the growth of the darknet market place every year keeps going higher and higher, the possibility of it becoming a multi billion market place is not too far to reach. What currency will it use if not Bitcoin?

Does the CEO of Circle knows what he is talking about at all? Most of the so called "experts" in the Bitcoin and blockchain world do not know what they are talking about because it is all still new.

For me the people to listen to about blockchains are Peter Todd, Gregory Maxwell, Adam Back, Luke-Jr and there might be some names I have forgotten so please post them in here.

[Velkro]

Does the CEO of Circle knows what he is talking about at all?

No, because noone knows that. This is his thesis, but he is noone. Company that exchanging money <--> bitcoin, whats special is about that?
His business is nothing, he lacks of advertisement, so he using this cheap tricks to get free ads.

Thats my thesis

[harizen]

This was earlier posted and discussed in our one of social media groups and for me it's just a FUD. There was already a numerous times when those experts claimed that bitcoin will be doomed nor can't be widely used worldwide.

"Our view is that we’re still in the really early stages of the technology and its development. It’s highly unlikely that any of us will be using Bitcoin in five or ten years"

- development means continous and no one can predict accurately what will be the exact output to happen

“It’s useful if you’re a gambler, tax evader… All these things, but if you actually want to do something that increases utility value for consumers [and] businesses [and is] sort of focused on increasing the productivity and efficiency of how the economic system works, that’s a different design center than how to basically avoid taxes and government oversight”

- If bitcoin will become more developed as years passes by, there will be so called regulations that will implement. And besides bitcoin doesn't  have tax directly but legit local exchanges does have so it's like paying tax on a different view.

[BitcoinBarrel]

People were saying Bitcoin was a fad and wouldn't last since the beginning. Here we are 8-9 years later and more people using Bitcoin than ever.

[The Sceptical Chymist]

He has valid points--as much as I'm a fan of bitcoin, I'm not going to disagree with him about mass adoption.  The average Joe on the street isn't going to want to go out of his way to buy another currency just to spend it.  That's ludicrous. 

He is wrong about people still using it in 5-10 years.  People most definitely will be, but it'll be the dark marketeers and scammers and computer geekoids.  I think the comparison to Netscape Navigator is a little unfair. 

[pooya87]

i don't know why someone who is earning money from the existence of bitcoin would even say that? maybe another news click-bait.

nonetheless if anything more people are going to be using bitcoin in 5 to 10 years. and users that are using bitcoin now and future users will continue coming back to bitcoin as long as it stays the same bitcoin as it is today: meaning i can send bitcoin with reasonable fees, get confirmation withing reasonable time, and have reasonable level of anonymity.

[kiklo]

i don't know why someone who is earning money from the existence of bitcoin would even say that? maybe another news click-bait.

nonetheless if anything more people are going to be using bitcoin in 5 to 10 years. and users that are using bitcoin now and future users will continue coming back to bitcoin as long as it stays the same bitcoin as it is today: meaning i can send bitcoin with reasonable fees, get confirmation withing reasonable time, and have reasonable level of anonymity.

I know right, how dare someone speak the Truth.  

“Our view is that we’re still in the really early stages of the technology and its development.
It’s highly unlikely that any of us will be using Bitcoin in five or ten years.
In the same way that – how many of us use NCSA Mosaic or Netscape Navigator?”

Show of Hands , which of you is still using Netscape Navigator 3.0 running on Windows 95 OS
What ??  No One??

Why is that ,
Oh , Because the newer stuff works better, 
every other crypto is Newer,  Faster , Higher Transactions , & Might not be controlled by China?    

The Guy is smart and not afraid if BTC crashes , because he knows he just move to another newer better crypto.

Quite Refreshing to see.  

 

[~Bitcoin~]

I think he want to get cheap publicity with the words against bitcoin. He is earning with his platform circle which will not exist if bitcoin doesn't exist in future, so there is no any reason for him other than to grab publicity by saying this.

However who cares whatever he says? Better to look at what core dev talk about rather than all this businessman who try to create fud against bitcoin.

[Arrakeen]

He has valid points--as much as I'm a fan of bitcoin, I'm not going to disagree with him about mass adoption.  The average Joe on the street isn't going to want to go out of his way to buy another currency just to spend it. 

True, but the average Joe on the street isn't spending money on stocks either.

i don't know why someone who is earning money from the existence of bitcoin would even say that? maybe another news click-bait.

This is my main concern - why is he literally fudding the business he thrives off of?  Especially without any indication as to WHY....or what would / if there will be a replacement.  Makes no sense.  Thanks, circle...way to show your customers how much you care 

[Caladonian]

i don't know why someone who is earning money from the existence of bitcoin would even say that? maybe another news click-bait.

nonetheless if anything more people are going to be using bitcoin in 5 to 10 years. and users that are using bitcoin now and future users will continue coming back to bitcoin as long as it stays the same bitcoin as it is today: meaning i can send bitcoin with reasonable fees, get confirmation withing reasonable time, and have reasonable level of anonymity.

good point mate as long as everything still intact with the advance offer of bitcoin are still there i think all of us will still using it and more and more of our friends and relative that we introduce the system will also follow our leads everything is possible but i'm hoping for the best of my investment.

[-ck]

Oh look, another bitcoin is going to die opinion... Better add that to this list:
https://99bitcoins.com/obituary-stats/

[The Sceptical Chymist]

He has valid points--as much as I'm a fan of bitcoin, I'm not going to disagree with him about mass adoption.  The average Joe on the street isn't going to want to go out of his way to buy another currency just to spend it. 

True, but the average Joe on the street isn't spending money on stocks either.

i don't know why someone who is earning money from the existence of bitcoin would even say that? maybe another news click-bait.

This is my main concern - why is he literally fudding the business he thrives off of?  Especially without any indication as to WHY....or what would / if there will be a replacement.  Makes no sense.  Thanks, circle...way to show your customers how much you care 

That just isn't true!  I'm an average joe and I buy stocks.  A lot of people are passively buying stocks via 401Ks in addition to all the direct purchases.

[Arrakeen]

He has valid points--as much as I'm a fan of bitcoin, I'm not going to disagree with him about mass adoption.  The average Joe on the street isn't going to want to go out of his way to buy another currency just to spend it. 

True, but the average Joe on the street isn't spending money on stocks either.

i don't know why someone who is earning money from the existence of bitcoin would even say that? maybe another news click-bait.

This is my main concern - why is he literally fudding the business he thrives off of?  Especially without any indication as to WHY....or what would / if there will be a replacement.  Makes no sense.  Thanks, circle...way to show your customers how much you care 

That just isn't true!  I'm an average joe and I buy stocks.  A lot of people are passively buying stocks via 401Ks in addition to all the direct purchases.

I'm sorry - my mistake.  I mean more of the 'investing' that takes place with btc -> altcoins.........if that market could be compared to standing on the floor of wall street waving a bunch of tickets around (or day trading from home with E*TRADE or similar sites).

Sure, 401K is similar - but that is definitely more long-term than the average investment one would put in to a bitcoin investment.

(if that clarifies anything - did not mean to insult the Joes of the world!)

[Arrakeen]

Oh look, another bitcoin is going to die opinion... Better add that to this list:
https://99bitcoins.com/obituary-stats/

Submitted!

Almost forgot about that site.  Surprised there weren't more updates since the 3rd...hope admin is still around to check this   posted as OBAVi**** by the way (ya'll who should know should know )

[requester]

What makes you think that. Day by day it's getting popularity and day by day more and more  people are engaging and investing in bitcoin so there is no such possibility like "No one will be using bitcoin in 5 to 10 years.

[maxg]

I hope it isn't being used and we're off-chain by then.

[amacar2]

What makes you think that. Day by day it's getting popularity and day by day more and more  people are engaging and investing in bitcoin so there is no such possibility like "No one will be using bitcoin in 5 to 10 years.

Actually OP is not thinking like this, he just like to discuss on the view of Circle CEO Jeremy Allaire, look at the source link.

However this doesn't seem to have any effect on bitcoin market as he is not the one who have big influence on bitcoin. He is just a normal greedy businessman who like to create panic on market and buy more for himself.  

[Kakmakr]

Circle built their userbase on Bitcoin, and then they changed their business model to bend over to KYC/AML regulations. This is like Daniel spitting in the face of Mr. Miyagi {Karate Kid I} after he trained him. Bitcoin was the mentor and Circle cut their teeth on this technology, to find a foot hold in the community.

Circle has already shown their colors, and they will not change. < Money chasers >

[jacafbiz]

I have a theory, I think he is trying to launch another Altcoin to compete with Bitcoin (Another anonymous coin), and he needs market attention. Most of these guys will be jealous of project like Zcash with 10% of the tokens going to developers, he needs is own payday

[Denker]

i don't know why someone who is earning money from the existence of bitcoin would even say that? maybe another news click-bait.

nonetheless if anything more people are going to be using bitcoin in 5 to 10 years. and users that are using bitcoin now and future users will continue coming back to bitcoin as long as it stays the same bitcoin as it is today: meaning i can send bitcoin with reasonable fees, get confirmation withing reasonable time, and have reasonable level of anonymity.

Jeremy Allaire seems to be be a weird guy.Sometimes he maes absolutely strange comments.
And if I'm not wrong right now Circle uses Bitcoin as a backbone protocol for their business model.
However maybe they will drift away from Bitcoin more and more and use some other blockchain, who knows.
My personal opinion is that we still will use Bitcoin in 5-10 years.And if it's just as an investment vehicle or hedge.Bitcoin will have it's place and markets.