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Bitcoin [BTC] proponent Adam Draper: There will be more digital currencies than fiat in 10 years

Akash Anand



Bitcoin [BTC] proponent Adam Draper: 'There will be more digital currencies than fiat in 10 years'
Source: Pixabay

The proponents in the cryptoverse have played a major role in controlling market sentiment and its updates and developments. In his latest podcast, Anthony Pompliano, the Founder of Morgan Creek Digitial Captial sat down with Adam Draper, the Founder of BoostVC and Bitcoin [BTC] supporter to discuss the state of the cryptocurrency market right now.

Pompliano claimed that the market right now is “awesome” and that he hasn’t been this excited about the market for a long time. He added that he was a big believer in Bitcoin and its future applications. He said:

“I think the impossible can happen in the space and I stand by it. I think Bitcoin could be disrupted and that there could be two predictions. In my opinion, in the next 10 years there will be more digital currencies than fiat currencies and probably in the next 25 years BTC may become a global currency. Bitcoin works like the internet, no one really talks about the internet right but rather the products built on it.”

The BoostVC official added that in the future, there will be different protocols for different things that will enable a better financial structure. Draper also touched on the predicted success of the Lightning Network and how it will benefit users in the space. Speaking on why it will become a hit, Draper stated:

“I think the lightning network will work for the same reason why BTC could work, just a bunch of smart people producing some really smart things. It’s right up there with Binance in terms of user applicability.”

Draper further supported the case of non-fungible tokens and how they are extremely undervalued in today’s day and age.  He was also in the news earlier when he talked about his investment in Coinbase and its impacts on the cryptocurrency market. He had said:

“I will be very honest with you, before Coinbase happened I had no experience in crypto at all. What happened was I got sent a list of companies for investments and out of that one said ‘marketplace of digital currencies’ and I had no idea what that was. After this, I wrote a mail to Brian sounding better than I was.”

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SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change





SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
Source: Unsplash

The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.

This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”

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