The CEO of crypto payments firm Circle, Jeremy Allaire, suggested that macroeconomic turmoil is responsible for Bitcoin’s (BTC) recent growth.
During the interview with CNBC on Aug. 5, Allaire suggested that Bitcoin has become a safe haven used to store wealth in times of geopolitical and macroeconomic turmoil. Allaire stated that there is a correlation between the recent coin’s gains and the devaluation of the Chinese yuan that just touched its 11-year low, stating: