Selling Bitcoin [BTC] for fiat is “reverting to the past”, says Tim Draper

Selling Bitcoin [BTC] for fiat is “reverting to the past”, says Tim Draper

Tim Draper made another bullish prediction about the price of Bitcoin [BTC]. He also believes that fiat currencies will become a thing of the past.

He said:

“Price-wise, we’ll continue to see Bitcoin move higher. I’ve revised my estimate up to $250,000 four years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022.”

He said that he is placing his bets on cryptocurrencies increasing the velocity of money, predicting that the cryptocurrency market will hit $140 trillion within the next decade. He said:

“I expect that since cryptocurrencies will increase the velocity of money, the current $86 trillion global market for currency will grow to be about $140 trillion in the next 10 years, and that growth will be in crypto. In fact, I estimate that fiat currencies will actually decrease in use, and that crypto will become as much as $100 trillion of that market. I expect Bitcoin to be about 10% of that market, or $10 trillion. There is a lot of room to grow there.”

He expects that the world would move into the cryptocurrency space, not for storing value, as it is used for today, but as a means of transacting value. He stated that in four years people will start paying in cryptocurrency all over the world.

Draper quoted the problem with Bitcoin as being the small block size which resulted in its inability to conduct microtransactions. He referred to second-layer scaling solutions such as Lightning Network to make the Bitcoin blockchain more suitable for smaller payments. He stated:

“Fiat currency will eventually become as passé as trying to pay for coffee with pennies.”

He also stated that liquidating his portfolio would be moving back to the past, adding that he has no interest in doing so. He said:

“I have no interest in selling my Bitcoin. What would I sell it into anyway? Moving from crypto to fiat is like trading shells for gold. It is reverting to the past. I’m thinking long term I’ll use it, spend it, invest it, or just keep it.”

 

Author Anirudh VK June 16, 2018

 

David Ogden (Entrepreneur) I agree with these sentiments, there is only one way forward.

David

Bitcoin: $6,000 and Beyond?

Bitcoin: $6,000 and Beyond?

Bitcoin: $6,000 and Beyond?

Bitcoin will quickly rise to $6,000 and you’re all foolish for thinking otherwise. At least, that’s what industry experts are saying. Of course, they added one important caveat: expect volatility to continue.

Bullish on Bitcoin

The cryptocurrency community has fallen on hard times as of late, but that hasn’t stopped the industry’s brightest minds from maintaining their bullish bets on BTC. The next major target that experts are eyeing is $6,000, which is a nearly 40% increase from current levels. According to analysts quoted by CNBC, $6,000 could become reality by year’s end.

The BTC/USD exchange rate peaked above $5,000 earlier this summer before a series of market events triggered a sharp correction. Chief among them was China’s decision to ban initial coin offerings (ICOs) and close down bitcoin exchanges.

Bitcoin was trading around $4,300 early Wednesday, according to Bitstamp. A price action analysis of the BTC/USD reveals that the digital currency is poised for a bullish breakout following a solid weekend of trading.

At present values, the BTC market is worth roughly $71.6 billion, easily tops among global cryptocurrencies. Ethereum is a distant second at $299.00 a pop and $28.4 billion in capitalization.

Bitcoin Cash (BCH), which “forked” from the original BTC in August, is trading at $403.00. That’s enough for fourth place on the global cryptocurrency value chart. With a cap of around $6.7 billion, BCH is ten times smaller than bitcoin.

BlackRock Sees Potential in Cryptocurrency

The CEO of the world’s biggest hedge fund sees “huge opportunities” for cryptocurrency. In a recent interview with Bloomberg, BlackRock head Larry Fink said he is a “big believer” in the crypto asset class.

At the same time, Fink said cryptocurrency is still the center of a global money laundering scheme. He also expressed concerns over the explosion of speculative trading in Asia, a region that has mixed feelings about cryptocurrency.

Following Japan’s landmark decision to recognize bitcoin as a legitimate currency, China and South Korea have launched regulatory campaigns against cryptos. The resulting selloff in the market was short-lived, as investors quickly returned.

Analysts now say the center of power in the cryptocurrency market is shifting to Japan. Just last week, the country’s Financial Services Agency (FSA) officially recognized 11 cryptocurrency exchange operators.

 

Author: Sam Bourgi

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David