{"id":6857,"date":"2014-06-30T09:42:57","date_gmt":"2014-06-30T13:42:57","guid":{"rendered":"https:\/\/wncen.com\/?p=6857"},"modified":"2020-10-07T11:37:04","modified_gmt":"2020-10-07T11:37:04","slug":"circle-ceo-jeremy-allaire-talks-usms-bitcoin-auction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/circle-ceo-jeremy-allaire-talks-usms-bitcoin-auction\/","title":{"rendered":"Circle CEO Jeremy Allaire Talks USMS Bitcoin Auction"},"content":{"rendered":"

The bitcoin community eagerly awaits the results of a government bitcoin auction that took place on Friday.<\/p>\n

Circle Internet Financial, a Boston-based company headed by Jeremy Allaire, is one of a number of different entities that participated in\u00a0said\u00a0bitcoin auction, held by the United States Marshals Service.<\/p>\n

Speaking to the\u00a0Wall Street Journal<\/em><\/a> on Monday, Allaire suggested that the auction could cause a short-term drop in the price of bitcoin, but looking at the charts this morning, we’re looking at a high of $639 at Bitstamp and settled at $615 at the time of this writing.<\/p>\n

“The government is doing [the auction] in a very controlled manner; they\u2019re not flooding the market. They\u2019re creating an opportunity for institutional investors, which is a big deal,” he said.<\/p>\n

As of Monday morning, Allaire’s company has been waiting for a call from the Marshals service to learn whether or not they were the winning bidders of the auction, which also saw interest from a Coinbase executive, Barry Silbert’s Bitcoin Investment Trust, and a BNP Paribas staffer [according to a list of email addresses inadvertently leaked by the Marshals Service].<\/p>\n

“This is classic asset forfeiture. They\u2019re washing these bitcoin clean, with the seal of approval of the US federal government,” Allaire added.<\/p>\n

It all comes during a time where interest in bitcoin couldn’t seem to get any higher. The auction has attracted the attention of big market players, indeed. Further, Allaire suggests\u00a0regulation surrounding bitcoin is becoming increasingly clearer.<\/p>\n

“What we\u2019re hearing is that some of the big broker dealers on Wall Street are setting up small trading desks just to get exposure to the asset and understand it. That\u2019s the approach now as opposed to a year ago when people thought governments would never allow it, and banks just wanted it to go away. All of the major banks now have teams trying to make sense of bitcoin,” Allaire says.<\/p>\n

“A year ago, most governments and big banks frankly just wanted bitcoin to go away. They were like: \u2018this is a joke, I want this to go away. I\u2019m just going to ignore it.\u2019 It\u2019s not going to go away. So now people are saying: \u2018it\u2019s not going away and there\u2019s big money coming into this, this is a real innovation, we need to get our heads wrapped around it, and we need to figure out whatever rules we\u2019re going to wrap around it.”<\/p>\n

[textmarker color=”C24000″]Source[\/textmarker] Wall Street Journal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The bitcoin community eagerly awaits the results of a government bitcoin auction that took place on Friday. Circle Internet Financial, a Boston-based company headed by Jeremy Allaire, is one of a number of different entities that participated in\u00a0said\u00a0bitcoin auction, held by the United States Marshals Service. Speaking to the\u00a0Wall Street Journal on Monday, Allaire suggested that the auction could cause a short-term drop in the price of bitcoin, but looking at the charts this morning, we’re looking at a high of $639 at Bitstamp and settled at $615 at the time of this writing. “The government is doing [the auction] in a very controlled manner; they\u2019re not flooding the market. They\u2019re creating an opportunity for institutional investors, which is a big deal,” he said. As of Monday morning, Allaire’s company has been waiting for a call from the Marshals service to learn whether or not they were the winning bidders of the auction, which also saw interest from a Coinbase executive, Barry Silbert’s Bitcoin Investment Trust, and a BNP Paribas staffer [according to a list of email addresses inadvertently leaked by the Marshals Service]. “This is classic asset forfeiture. They\u2019re washing these bitcoin clean, with the seal of approval of the US federal government,” Allaire added. It all comes during a time where interest in bitcoin couldn’t seem to get any higher. The auction has attracted the attention of big market players, indeed. Further, Allaire suggests\u00a0regulation surrounding bitcoin is becoming increasingly clearer. “What we\u2019re hearing is that some of the big broker dealers on Wall Street are setting up small trading desks just to get exposure to the asset and understand it. That\u2019s the approach now as opposed to a year ago when people thought governments would never allow it, and banks just wanted it to go away. All of the major banks now have teams trying to make sense of bitcoin,” Allaire says. “A year ago, most governments and big banks frankly just wanted bitcoin to go away. They were like: \u2018this is a joke, I want this to go away. I\u2019m just going to ignore it.\u2019 It\u2019s not going to go away. So now people are saying: \u2018it\u2019s not going away and there\u2019s big money coming into this, this is a real innovation, we need to get our heads wrapped around it, and we need to figure out whatever rules we\u2019re going to wrap around it.” [textmarker color=”C24000″]Source[\/textmarker] Wall Street Journal<\/p>\n","protected":false},"author":516,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1336,1338,2579,14],"class_list":["post-6857","post","type-post","status-publish","format-standard","hentry","category-news","tag-circle","tag-circleinternetfinancial","tag-jeremyallaire","tag-other"],"acf":[],"yoast_head":"\nCircle CEO Jeremy Allaire Talks USMS Bitcoin Auction<\/title>\n<meta name=\"description\" content=\"Circle CEO Jeremy Allaire made comments on Monday morning relating to last 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