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Circle CEO: "The bitcoin thesis is very much that we are going to see continued growth in non-sovereign money, and non-sovereign money is going to become more important, not less important."

Jeremy Allaire, Founder and CEO of Circle Internet Financial, a Boston-based digital currency company, speaks at the Inside Bitcoins conference and trade show, Monday, April 7, 2014 in New York. (AP Photo/Mark Lennihan)

ASSOCIATED PRESS

The bitcoin price spiked above $11,000 over the weekend, and the general consensus is that Facebook’s Libra cryptocurrency is to blame for the recent price boom. Having said that, the reality is Libra does not really participate in the same market as a decentralized, permissionless cryptocurrency like bitcoin.

During an interview with CNBC on Monday, Circle CEO Jeremy Allaire shared his thoughts on the reasoning behind the recent runup in the bitcoin price.

Accumulation Started in December

During his interview with CNBC, Allaire indicated that the activity of Circle’s users pointed to a bottom for the bitcoin price late last year.

“Back in December, when the market really bottomed, we started to see long-term conviction investors build significant positions in the core digital assets, and that gradually unfolded into Q2 where people declared the ‘Crypto Spring’ arriving,” said Allaire.

Before the bitcoin price boom really kicked off at the beginning of May, both Adamant Capital and Delphi Digital released reports regarding a bottoming out of the bitcoin price.

According to Allaire, the fundamentals of the technology behind Bitcoin and other cryptocurrencies have been advancing at a very rapid rate, and there’s now a broader understanding of the newly-formed crypto asset class. Allaire added that there is also a belief that next generation blockchain platforms, such as Facebook’s Libra, will lead to the adoption of these technologies by billions of people around the world.

The Growth of Non-Sovereign Money

At one point during his conversation with CNBC’s Andrew Ross Sorkin, Allaire was asked to make the case for mass adoption of...

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