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Bitcoin [BTC] value has actually improved since JPM coin because of its decentralized nature, claims Tim Draper

Biraajmaan Tamuly

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Source: Pixabay

Tim Draper, Venture Capitalist and Bitcoin Bull, recently claimed that Bitcoin [BTC] had the potential to majorly transform how the world operates and not just the financial ecosystem.

In a recent episode of The Crypto Chick with Rachel Wolfson, Draper said that the importance of Bitcoin [BTC] as a medium of currency would not be diminished in the forthcoming period. He explained that Bitcoin [BTC] had transcended the concept of decentralization and enabled the mass to think in a decentralized manner rather than backing a “political currency which is tied to a bureaucracy.”

During the interview, Tim Draper was asked to comment on the current market scenario of Bitcoin and where it was headed in terms of valuation. He explained that new technologies usually undergo a period of hype where people give attention to a new and intriguing trend.

He stated,

“The excitement will never be that hiked as it was the first time around but the value would grow sustainably over a long period.”

He believed that the recent hike had occurred in discreet movements and the trade volume was still not significant enough. He also said that the use of open node and Lightning Network might have solved a lot of people’s problems in terms of scalability.

Additionally, Tim Draper indicated that JP Morgan’s introduction of the JPM coin actually helped Bitcoin’s case in terms of popularity. He said that people were smart enough to understand the value of Bitcoin now and that it had more value than JPM coin which was centralized in nature.



Tim Draper stood by his prediction he had made earlier that Bitcoin [BTC] would hit $250,000 valuation by the year 2022 or 2023.

He mentioned,

“There is no question in my mind that Bitcoin would have a 5 percent market share which is all it requires in order to hit $250,000. There is $90 trillion dollars worth currency in the world. The number would probably increase because of crypto and as people evolve and see the opportunity and security behind cryptocurrency, they would start bringing it into their lives.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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Bitcoin

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

Priya

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