VC Tim Draper stated in an interview that he is a strong believer in Bitcoin after making a bold prediction that the cryptocurrency will reach $250,000. In the latest cryptocurrency news, we will read more about the new prediction that Bitcoin will be 5 percent of the market share of the earth.
The venture capitalist pointed out:
“I’m a believer that in four years, something like that, bitcoin will be about a 5% market share of the earth.”
He pointed out that the best features of Bitcoin such as transparency and decentralization are better features than one of fiat currencies. Draper is an early bitcoin investor after he purchased about 30,000 BTC when the price of the number one cryptocurrency hovered at $632 per coin. He pointed out that the investment is now worth 10 times more today and he has no doubt that the price will go much higher. Draper stated:
“I eventually want to have a fund where I take in bitcoin and I fund everybody in bitcoin and they pay their employees and suppliers in bitcoin. And then I pay my investors in bitcoin. Because I would then require no accounting, no legal, no bookkeeping, no custody. It would all be done.”
If you take into consideration that transactions are recorded on the blockchain, all of the participants would be able to see everything. Draper is a big fan of bitcoin but he is also very open to other cryptocurrencies. He does expect that the number of altcoins will decline and only the best projects will stick around as mentioned in the coming altcoin news.
VC Tim Draper also commented about the $1 billion funds of Facebook for its stablecoin by saying:
“If the shareholders will benefit somehow by a breakup, then sure go ahead and do it. But the idea that he has all this centralized power…I think he’s just building a business and it’s a great business. And there are plenty of competitors to him out there. And I’m very pleased that he’s done so well.”
In the meantime, the price of the largest cryptocurrency is hovering around at $6,379 which is a far cry from the $250,000 target that Draper predicted. He does believe that Bitcoin will be 5% of the earth’s market share.
Ghana’s Government Wipes Out Billions-Bitcoin Is The Solution
‘’It’s cutting across all the finance houses and when it happens like that the government needs to step in to build confidence again. There’s nothing we can do apart from making sure that we create that necessary environment to regain investors’ confidence again.’’Ghana’s government bailed out on the investors and the central bank targeted the savings companies that serviced them and many are already blaming that the government is at fault for not having adequate provisions to prevent such problems from happening. The financial crime and governance and regulatory expert Kwadwa Kusi Frimpong wrote:
‘’The issue Ghana faces is more about having adequate system and controls in place to ensure that there is no room for such things to happen.’’As noted in the latest cryptocurrency news, financial management should not be conducted through middlemen and bitcoin because the savings of hundreds of people could be wiped out in a matter of moments.
Overnight Pump Leads Bitcoin To Gains: Will They Sustain?
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”https://twitter.com/TheCryptomist/status/1163386603538173953 DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a "do or die" level for BTC which could set the tone for which direction it trends in the coming days and weeks.
“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the charts below.https://twitter.com/CryptoDonAlt/status/1163417215435235328
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
Bitcoin Skeptic Claims BTC Is “Not A Hedge For Anything”
“Bitcoin is literally the riskiest tradeable asset right now, and I wouldn’t even call it an asset. It is literally backed by nothing and based entirely on speculation. That’s why it is so volatile. It's a sucker's bet, not a hedge.”Butowsky also pointed out that no other chart could correlate (positively or negatively) to any other asset. Any expert who says otherwise, is "dead wrong" the Bitcoin skeptic claims. He even went on to point a video of an analyst saying that Bitcoin can be a good hedge, which can be seen on this YouTube link. And for those of you who think that Bitcoin is a perfect non-correlated asset to the stock market, the idea of the hedge is to offset risk. Bitcoin, with its current performance, only increases the overall risk in a portfolio.
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