- Tim Draper does not see JPM Coin becoming as successful as Bitcoin.
- Draper confirms his prediction that Bitcoin will cost $250,000 per coin by 2022.
Tim Draper, a billionaire and one of the most outspoken cryptocurrency bulls has fired shots at the CEO of the leading investment bank in the United States Jamie Dimon. His comments come only two months after the bank announced the development of a digital token referred to as a JPM Coin.
Draper was speaking during an interview with Wendy O, a popular crypto personality where is said:
“That guy… first he says that bitcoin is a scam. Then he gets all paranoid… then he lines up all the banks against it… then he says credit cards, my credit cards cannot be used to buy bitcoin and then he decides he’s going to do his own coin. I mean that was so ridiculous. That’s typical… it’s like the seven stages of… they go through denial… then they go to acceptance. So he is at acceptance.”
In spite of the backing JPM Coin is likely to receive from the bank’s large asset based and daily transactions, Tim Draper does not see it becoming as successful as Bitcoin. According to Draper JPM Coin being ‘tied to a bank and people would rather not use a bank’ is its downside.
Draper went ahead to confirm his prediction that Bitcoin will cost $250,000 per coin by 2022. The reason for such a massive growth will be linked to adoption that is currently supported by the developments in the industry.
“My reasoning is that all these engineers have to create all the things they are doing to make it really easy for us to spend it and to use it and to move it and to build it into our contracts and all of that. Once that’s all done that’s a five percent market share (of all the world’s currencies per Draper).”
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.
Latest Crypto News & Analysis
Editors’ Picks
Bitcoin price analysis: BTC/USD consolidates ahead of the next leg up to $11,000
BTC/USD trading pair failed to sustain gains above $11,000 during last weekend’s breakout out. A retracement from the highs at $11,123 found balance at the 100 Simple Moving Average (SMA) allowing for correction above $10,500.
Bitcoin Price Shuns Volatility as Analysts Warn of Potential Drop to $7,000
By comparison, last week saw BTC/USD trade as high as $11,060 and as low as $9,125. The motivation, analysts mostly agreed, was regulatory uncertainty as the United States Congress met several times to debate the impact of both cryptocurrency and Facebook’s Libra digital currency.
Litecoin market overview: LTC/USD upside capped at $100
Litecoin has decided to play it safe after an unsuccessful attack on $105 resistance. The declines from July 10 explored the levels under $100. A low was formed at $77.50 before the bears started to retreat as reported by FXStreet.
Cryptocurrencies are not banned in India. Not yet
Despite that the Indian government has been discussing a draft bill for prohibiting cryptocurrencies, there is no blanket ban on digital assets on the territory of the country as of yet, according to the Minister of State for Finance and Corporate Affairs Anurag Thakur.
Bitcoin Weekly Forecast: bulls lick wounds after major sell-off
The cryptocurrency market has lived through a dreadful week as Bitcoin(BTC), and all major altcoins crashed below several important support levels.