Tanya Abrosimova
Independent Analyst
- 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
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