- 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).”
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