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Crypto Market Will Bounce Back, Claims Billionaire Tim Draper

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Tim Draper
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As the period of uncertainty for the crypto space continues, not everyone seems to be equally as scared for the future of digital currencies. Despite the recent Bitcoin sell-off, billionaire and major crypto investor, Tim Draper, seems to believe that a period of recovery is about to start soon.

While even the near future of Bitcoin and other digital currencies cannot be predicted with accuracy, Draper believes that Bitcoin value is going to keep getting higher, especially in the next several years. In fact, he even stated that cryptocurrencies will likely overtake fiat currencies at some point in the future.

During the Las Vegas-based World Crypto Con, Draper stated that cryptocurrencies will be much easier to spend, use, and invest with, in the near future. People will be able to do whatever they want with them since they are frictionless and they cost less. These reduced costs alone will be a significant improvement for people, according to Draper.

He believes that for these and other, similar reasons, people will eventually want to move to cryptocurrencies, while fiat currencies, which he calls political currencies, will be left behind.

In the meanwhile, the market remains unstable, with Bitcoin often going below and above $4,000 per coin. The lowest that it ended up being this year was at around $3,700, which happened only days ago, while Bitcoin’s current price remains slightly over $4,000.

Since the rest of the market dropped as well, and Bitcoin’s market cap is more than half of the market cap of the entire crypto space, the total crypto market capitalization also lost half of its value in the last 15 days.

The turning point

According to Draper, there are multiple countries that understand that cryptocurrencies are bound to bounce back at some point. Because of that, they already started adopting them, and the current market crash did not discourage them. Trying desperately to cling to old currencies is a mistake and a waste of time, according to him. This is why smaller countries seem so prepared to accept and adopt Bitcoin, cryptos, ICOs, as well as blockchain.

A lot of investors also remain convinced that Bitcoin will reach the value of $250,000 in the next 2-5 years. In addition to that, Draper is convinced that the world will soon reach an uneasy balance when it comes to the use of crypto and fiat currencies and that it will become easy to exchange Bitcoin for dollars and vice versa.

Draper’s positive outlook has inspired him to even start a Bitcoin venture fund, which is one of his next big projects. He has revealed this plan quite recently, although he has yet to decide when he will actually start the project. However, so far, his plan is to raise a fund that is all Bitcoin, invest into numerous companies, and have them pay their workers, as well as suppliers, in Bitcoin.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Why Bitcoin Price Remains Stable Before the Expected Hike

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Bitcoin price
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The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.

The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.

Why this week’s closing price matters

Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.

If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…

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Stanford Lecturer praises XRP over Bitcoin

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The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.

Does guest lecturer go anti-Bitcoin?

In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.

According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.

However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.

The claims caused Dr. Athey to respond publicly via Twitter, stating…

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Bitcoin Chasing Green — First Positive Month Since July In Sight

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The crypto market has started seeing gains in mid-February, with Bitcoin (BTC) following the bullish trend as well. In fact, the largest coin was on its way of seeing the first positive month since July of the last year. Even though its price was struggling to permanently overcome the major resistance at $4,000, the coin kept trying, and as long as its price doesn’t drop below $3,414, this goal can still be achieved

The return of the bearish trend which briefly overtook the market on February 24th caused a lot of damage, although Bitcoin managed to remain above $3,800. Following the crash, BTC started seeing minor gains once again, indicating that the bears have withdrawn for now.

What does the future hold for BTC?

As mentioned, Bitcoin can only complete a positive month if its price remains above $3,500 until the end of February. At the time of writing, the price sits at $3,807 according to TradingView, with an increase of 0.58% in the last 24 hours. As things are right now, it is likely that BTC might succeed in doing this, as its price performed relatively well ever since January 11th, even though it remained between $3,300 and $3,700.

Chart courtesy of TradingView

The recently-emerging bullish trend took it beyond this, and while the price…

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