Circle CEO’s YouTube analogy highlights cryptocurrency and financial system challenges

Jeremy Allaire, co-founder and CEO of crypto company, Circle, highlighted the biggest problem facing cryptocurrency and the wider financial system in one analogy.

Speaking to delegates at the World Economic Forum in Davos, Switzerland, in a session titled ‘Shaping the Future of Financial and Monetary Systems,’ Allaire first of all talked about how it would be useful to think about digital disruption on an arc, in order to understand where we are on it and where the challenges lie.

“For the financial system, we are at an inflection point and moving from the periphery to the core. [For example] moving away from the likes of just ‘making access better’ to finally visiting the core of financial system — such as, the nature of money, how distributed and utilised.”

He highlighted that this has been ushered on by cryptocurrency and in the last 10 years since the credit crisis, “we’ve seen growth in alternative architecture” like blockchain, cryptocurrency, and stable…