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Bitcoin Bull Tim Draper says highly regulated countries become poor; shift from fiat to crypto inevitable




Tim Draper says highly regulated countries get poor; fiat to crypto shift inevitable
Source: Pixabay

Tim Draper, an American venture capital investor and a strong believer in crypto, made another bullish claim suggesting that a flip from fiat currency to Bitcoin and other cryptocurrencies will take place in a couple of years. The Government would eventually have to give up control and be the service provider, he added.

Draper was of the opinion that regulators impede any development in the space by hindering innovation. Citing China as an example of exercising control and imposing strict rules on crypto use, the Bitcoin bull asserted that high regulations push a country deeper into poverty.

In a recent interview with TheBitcoinOfCryptoStreet, Tim Draper said that the best thing about cryptocurrency is the fact that they are not under government control. With the emergence of a new wave of digital asset businesses, Draper asserted that a switch in mindset was needed.

“How do I attract citizens to my government? As opposed to you live here, you work for me.”

According to him, the Japanese government is one of the few to have come to the realization and have attracted a pool of entrepreneurs, businesses and money in the country. He said,

“I think they need to recognize that the world is now open and as a government, you have to serve your people instead of the other way around.”

Draper also believes that people will no longer want to hold government-issued traditional money. With an existing alternative that is decentralized and not government-tied, people will eventually head towards Bitcoin and other cryptocurrencies.

Talking about the transition period from Dollar to crypto assets, Draper said that it would probably take a few years for engineers to build the required ecosystem. He also admitted that people who are older than 35 years would probably choose fiat over the new digital wave, while the younger generation would believe Bitcoin to be more valuable than the former.

The billionaire investor, who is also an altcoin-backer, said that he invests in altcoins which are tied to a lot of work. His investments are encouraged by new technology and the team working behind it, he added.

Draper was previously in the news after he predicted that the American coffee house chain, Starbucks, will accept Bitcoins in the next three years, fuelling massive adoption.

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.


Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises




Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View


The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.


The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.

Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].

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