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Bitcoin [BTC] and other cryptocurrencies will make up two-thirds of worlds currency value, says Tim Draper

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Bitcoin [BTC] and other cryptocurrencies will make up two-thirds of worlds currency value says Tim Draper
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Red November has been a tough month on Bitcoin [BTC] and every other cryptocurrency in the ecosystem, with most of them losing 30% or more in a week following Bitcoin’s lead.

Tim Draper, a prominent VC spoke about Bitcoin’s price action and future adoption, while Peter Brandt spoke about capitulation in the Bitcoin market.

Tim Draper stood by his prediction of $250,000 by the end of 2022 and substantiated it by saying that cryptocurrencies would get mainstream attraction and people would shift from fiat to cryptocurrencies. He predicted that “cryptocurrencies will make up two-thirds of the world’s currency value”.

He added:

“That’s the way it’s going to move. And so the countries that are forward thinking are saying, this is the way it’s going to be. So we’re going to make a huge mistake by trying to cling to our old currency. And that’s why you’re seeing the smaller countries all say, ‘yeah, we want bitcoin, we want initial coin offerings (ICOs) here, we want blockchain. We want all of these things in our country.’”

Draper argued that it won’t be long before there is a balance between fiat and cryptocurrencies and there would come a time where it would be easier to spend and invest Bitcoin than dollars.

Draper continued:



“I tend to move my dollars into bitcoin, because I think, well, why would I want this currency that’s tied to some political force when I have a currency that is going to be frictionless and global? I would much rather have a global currency than one that is sort of tied to a political force.”

Peter Brandt, a well-known analyst, and trader referred to the current scenario of Bitcoin and how people are going into FUD and panic mode and selling their holdings in cryptocurrencies.

Brandt added:

“Bitcoin is entering the stage of its life cycle when stale and weak money capitulates and strong hands accumulate strategically.”

 





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand

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Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of Bitcoin.org and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:



“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.





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