• Bitcoin will replace fiat money as the primary means of payment in the nearest future.
  • BTC/USD is rangebound under $4,000.

A famous cryptocurrency enthusiast and billionaire Tim Draper believes that Bitcoin will be everywhere just in two years, while fiat currencies will become archaic. 

“Over time, when they start taking bitcoin, I’m going to be pretty much moving everything [out of the banks]. There is no reason to hold on to shells, when you’ve got gold,” he said in the interview with FOX Business. 

He is sure that the mass adoption will be driven by general public, because people will realize the benefits of decentralized money.

Reacting to JP Morgan’s decision to issue its own coin, Mr. Draper’s said that it was a great news for the industry as it has a potential to draw attention to the cryptocurrnencies in general.

“Not many bitcoin knockoffs have worked particularly well, but they all add to the interest in bitcoin,” he explained.

Meanwhile, some experts, including the CEO of Ripple Brad Garlinghouse, lambasted JPM Coin as a fake cryptocurrency as it is supposed to be used only for the internal needs of the bank. Moreover, it is not public and its main aim is to raise efficiency of the bank’s operations. 

While cryptocurrency gurus debate about Bitcoin’s future, the coin is changing hands at $3,890, gaining less than 1% since this time on Tuesday. BTC/USD has been rising since the start of the week amid improved sentiments, supported by technical factors. The next important after $4,000 barrier lies at $4,300, and as soon as it is cleared, $5,000 will become a possibility.

BTC/USD, 1D chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

The reason why BTC/USD dropped $500 in less than one minute

Bitcoin has now basically transformed the previous $10k resistance level into $12k. The first flash crash happened on August 2 with Bitcoin peaking at $12,123 and dropping to $10,518 in minutes. 

More Bitcoin News

XRP/USD is having a tough time staying above $0.30 as selling pressure keeps mounting

Since the initial pullback on August 7, XRP has struggled heavily to go back above $0.30. Just hours ago, XRP bulls finally managed to push the digital asset above $0.30 just before another crash towards $0.285.

More Ripple News

ETC/USD storms towards $7.20 after symmetrical triangle breakout

The pullback in Ethereum Classic (ETC/USD) from $6.8844 appears to have gathered steam this Sunday, as the coin sees a rapid rise to the intraday highs above $7.15. The coin charts symmetrical triangle ...

More Ethereum Classic News

ETH/USD tackles $400 building on weekend stability

Ethereum price brushed shoulders with $400 on Monday after a stable weekend session where the token contained price action above $380.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP