Influencers Say Bitcoin Will Break 100K US Dollars By The End Of This Year, It's Not That Easy!

Contrary to the predictions of Bitcoin influencers, the price of BTC has fallen (Bybit)

JAKARTA – Some time ago, many crypto influencers predicted that Bitcoin could soar to the price of 100 thousand dollars per coin. Recently, Circle (USDC) CEO Jeremy Allaire revealed that this prediction is impossible to come true.

This statement was made by Allaire to CNBC The Exchange, when he was asked if Bitcoin could break through to the price of 100 thousand US dollars before December 31. The USDC stablecoin boss has publicly said that the odds are very low.

"It's hard to see", said Allaire.

This statement contradicts the predictions of influencers and crypto analysts in recent months who have told their social media followers and YouTube subscribers that Bitcoin will skyrocket to $100,000 by the end of 2021.

Crypto executives testifying before the senate today to make the case for #stablecoins - Circle CEO @jerallaire on why we're at a pivotal moment for #crypto and digital assets pic.twitter.com/g2AVsHeLZR

— The Exchange (@CNBCTheExchange) December 14, 2021

According to The Daily Hodl, the influencers and analysts include veteran crypto trader Tone Vays, Plan B quantitative crypto analyst Bobby Lee, and Bloomberg commodity strategist Mike McGlone.

In addition to refuting the predictions of influencers, Allaire also explained that stablecoins whose value is tied to major fiat currencies are claimed to be "important building blocks" of the decentralized internet or more widely known as web 3.0.

The USDC CEO said that the decentralized internet would open the door for the influx of US dollars to dominate the virtual world.

"An important building block of [web 3.0] will be the representation of the major currencies, the dollar being the main one", Allaire said.

Despite inflationary pressures, Allaire is optimistic that the dollar can take the lead in the digital world.

“There is an opportunity for the United States to take the lead. To take the lead in blockchain, to take the lead in ensuring that the dollar is the currency of the internet", he added.

Therefore, Allaire said that stablecoins need federal regulations to operate with certainty and by the law.

“We certainly need security and health. We need to have rules on protection against financial crimes. We need to have honest federal laws to define the types of large-scale stablecoin issuers like Circle", CEO Circle (USDC) said as quoted by The Daily Hodl.

Data reports from Coingecko reveal that the price of Bitcoin has decreased by 22.7 percent in the past month. As of writing, BTC is trading at the level of IDR 665,121,279.