Money Is At Risk In Banks, Bitcoin Is Probably The Most Secure Currency Right Now: Tim Draper
- “If we're able to hold above $7,800, it will be a very good sign,” – Mati Greenspan
- Venture Capitalist advises millennial's to start building their empire by investing in bitcoin that doesn't cost them 2.5 to 4% every time they swap their credit card
- Unchained Capital’s Parker Lewis says bitcoin obsoletes all other money because it is “the most credible monetary properties”
Bitcoin price has come down to $8,300 level from last week’s $9,200 level. Despite bouncing off the support yesterday, it was unable to reclaim the level and made its way back toward support.
We have come to some serious resistance at the 200-day moving average, a line that Mati Greenspan, founder of Quantum Economics says played a “significant role in bitcoin's graph over the last few years.”
According to Greenspan, “if we're able to hold above $7,800, it will be a very good sign.”
The fact that Chinese New Year, it is possible we could finally move even lower. Currently, BTC/USD is trading at 8,314 with 24 hours loss of 1.28% while managing the daily trading volume of $631 million, as per Messari.
Tim Draper Advises Millennial's to Invest in Bitcoin
Bitcoin price might be looking uncertain right now but billionaire Tim Draper who has predicted BTC price at $250,000 by 2022, and even called it a conservative number last year, is advising millennials to put their money in Bitcoin.
The venture capitalist said that the financial system is not working anymore for millennials which have made them more renters than buyers. Draper said:
“Things aren’t quite working for millennials. They owe a lot, and with the current salaries, they can’t pay it off. It’s a challenging moment for them, and they’ve become renters rather than buyers because they have to.”
He reiterated his views that Bitcoin is an alternative to banks and would save the investors from them. Draper is advising millennials to
“start building their empire by investing in a model that doesn't cost them 2.5 to 4% every time they swap their credit card.”
“My money is at risk in banks. They’re hacked all the time. Bitcoin is probably the most secure of currencies right now,” Draper told FOX Business.
Bitcoin has the most credible monetary properties
In his write-up, he explains how it sounds crazy to believe that Bitcoin, a $150 billion purchasing power which is a drop in the bucket compared to $250 trillion of debt market and $8 trillion purchasing power of gold will be the dominant global currency. But he argues,
“all fiat systems is nothing more than the manifestation of gold’s failure as a monetary medium.”
And after abandoning the gold standard in 1971, the modern fiat system has only managed to survive as long they have because a solution to the problem that fiat itself created did not exist yet.
Bitcoin is global and permissionless in which the more the trading partners, the greater the value each BTC provides to those holding the currency.
“New adopters of a monetary network both contribute value and realize value as a function of adoption, which is why it is not possible to be late to bitcoin, nor will bitcoin ever be too expensive.”
Bitcoin’s 21 million hard cap means no other currency can ever be as scarce as the leading digital currency and scarcity drives adoption and community of value.
Bitcoin he said “is an equal opportunity mind-bender” which obsoletes all other money because “economic systems converge on a single currency, and bitcoin has the most credible monetary properties.”