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.

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.

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.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[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

3,486FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

IRS to Revise Form 1040 to Make it Harder for Traders to Escape Crypto Tax Obligation

The Internal Revenue Service is planning to change the 2020 tax form and make sure all taxpayers report about their cryptocurrency transactions. The standard 1040...

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

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