The crypto expert said the ?key thing? to make cryptocurrencies successful is to widely distribute the underlying cryptocurrency behind their holding firm.?
Speaking on CNBC about the rise of cryptocurrencies, Mr McCaleb said: ?What we are trying to build at Stellar is an internet level protocol and I think it is important that that be done by a non-profit entity.?
?Like, if you imagine an internet created by a full profit company we would be in a very different world. And that?s essentially what we are trying to do, where payments work how information works on the internet now, where everything is interoperable.?
?You can send money to anywhere and so you kind of just need this kind of governance and structure that wasn?t really done in Ripple.?
?And kind of beyond that, it?s important to have lots and lots of participants in the network. Not just a few.?
?So one of the things that we are doing at Stellar is distributing the underlying asset, the underlying coin,?very?widely.?
?And I think that?s kind of a key thing to actually make these things successful.??
Bitcoin?saw a ?surge? over the past week after what has been a tumultuous month for the digital asset.?
Bitcoin price increased to $8,414.67 at 09:46am GMT, on Monday, according to CoinDesk. It saw its highest value before Christmas when it reached a monumental price of just under $20,000.?
Bitcoin was recently given a boost by Jack Dorsey, the Chief Executive of Twitter, who said the cryptocurrency would eventually be the world?s ?single currency?.
Mr Dorsey explained: “The world ultimately will have a single currency, the internet will have a single currency.
?I personally believe that it will be Bitcoin.?
As the cryptocurrency appears to be showing signs of a renewed surge, its virtual money alternatives are also flourishing.
Bitcoin Cash has seen its price climb by over 5 per cent in the last week while Litcoin has seen a rise of 4.05 per cent.
Ripple (XRP) price also looks to have stabilised against the US Dollar at around $0.62 at 09:50am?GMT on Monday, according to CoinGecko.?
But the cryptocurrency craze has faced criticism from financial institutions and professionals.?
Bank of England Governor Mark Carney has been highly critical of cryptocurrencies. He said it is a ?privilege? to be part of the financial system and ?responsibilities come with those privileges?.
Mr Carney added: ?The best of the cryptocurrencies, I would suggest, will gravitate to the best of the exchanges if they were regulated. And others will fall by the wayside.
?In the end, it is not just about market regulation, part of this is about any money laundering, terrorism financing, other elicit activities.?
But prior to the G20 summit, Mr Carney revealed cryptocurrencies do not pose a risk to financial stability.?
Banking giant Morgan Stanley also likened the current market climate of Bitcoin to the dot-com bubble that, during its most ?exuberant? period rose by 250 to 280 percent – however analysts have stated that the cryptocurrency?s timeline is accelerating much faster.
Morgan Stanley strategist, Sheena Shah, stated that the similar behaviour between dot-com and Bitcoin could mean that history is repeating itself, meaning that the cryptocurrency could soon crash.