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.”

Source: @MatiGreenspan

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

Parker Lewis, an author at Unchained Capital, a Bitcoin native financial services company also feels that “Bitcoin Obsoletes All Other Money.”

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.

But Bitcoin he said is that solution.

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.”

Bitcoin (BTC) Live Price

1 BTC/USD =$11,275.7127 change ~ -5.32%

Coin Market Cap

$208.09 Billion

24 Hour Volume

$7.36 Billion

24 Hour VWAP

$11.56 K

24 Hour Change

$-599.6033

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,230FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Protocol to Roll Out Decentralized Oracles Dubbed ‘Open Price Feed'

Compound, one of the most popular defi protocol, is all set to introduce open price feeds for lending on its platform using a decentralized...

$2 Million Slippage & Surge in Ether Price on Uniswap Helps Net $40k in Profit

A Uniswap user was able to profit $40,000 thanks to $2 million of slippage and the price of Ether surging north of 15%. It all...

Irish Govt to Target Cryptocurrencies Use in Money Laundering And Terror Financing

The Irish government aims to implement stricter and more stringent laws to curb money laundering and terrorism financing in its financial system, including digital...

Interactive Brokers to Settle $38 Million in Penalties for Violating AML Procedures

Interactive Brokers LLC, a U.S based brokerage that skyrocketed between 2013 and 2018, has agreed to settle a total of $38 million with the...

Ethereum Gas Price Hasn’t Been This High Since its Launch

The price of Ether is back to making its way to $400 level as it hovers around $391 in the green with just $840...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today