Tim Draper: JPM Coin is Fuel to the Fire for Bitcoin’s Value Due To its Decentralized Nature
Tim Draper, the recognized Bitcoin (BTC) supporter and investor, said that Bitcoin could transform the world rather than only the financial sector in which it currently operates. During a conversation with Rachel Wolfson in her podcast The Crypto Chick, he said that the most popular cryptocurrency and its importance as a medium of exchange would not be diminished in the future.
Draper Supports Bitcoin
During the podcast, Draper talked about many things that are related to Bitcoin and the whole cryptocurrency space. He said that the digital currency transcended the concept of decentralization and allowed individuals to think in a decentralized way. This is something that is completely different from what was done before. People use a fiat currency that is backed by governments and bureaucrats rather than by a decentralized community of individuals located around the world.
Each time I look at #Bitcoin, I'm thinking this is a major transformation, not just for currency, but for the way the world operates says @TimDraper on The Crypto Chick podcast https://t.co/puMx0OhhWr @badcrypto
— Rachel Wolfson (@Rachelwolf00) April 17, 2019
Draper has also commented about Bitcoin and its price, one of the most important features of the digital asset. He said that new technologies experience periods of hype such as the one that Bitcoin had in December 2017 when the virtual currency reached $20,000. Nonetheless, after the digital currency reached this value, it fell down to $3,200 a year later, an +80% decrease in a year.
He said that the excitement will never be that hiked as it was the first time around, but the value would continue to grow sustainably for over a long period of time. He has also commented that the Lightning Network (LN) solved people’s problems in terms of scalability. Although the network is not ready yet to be adopted by the whole community, it has been expanding during the last year and it keeps growing.
Moreover, Draper said that the virtual currency released by JP Morgan Chase has helped Bitcoin increase its popularity. He said that people that understand the value of Bitcoin would know that this digital asset has more value than the JPM coin that is centralized in nature.
As usual, Draper believes that Bitcoin is going to reach $250,000 in the next few years. On the matter, he commented:
“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 of currency in the world. The number would probably increase because of crypto and as people evolve and see the opportunity and security behind the cryptocurrency, they would start bringing it into their lives.”
At the time of writing this article, Bitcoin is being traded around $5263 and it has a market capitalization of $92.92 billion.