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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

SEC Postpones Bitcoin ETF Decision Once Again

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Bitcoin ETF
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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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What to Expect in 2019: BTC, BAT, and Steem

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BTC
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There are only a few weeks of 2018 left, and considering how bearish and crypto-unfriendly this year was, a lot of investors will likely be pleased to see it gone. Many believe that 2019 will be the year that will correct BTC prices and bring forth the period of great recovery.

But what does that mean for digital currencies? Which ones are a good investment right now? This is something that we will, hopefully, be able to answer right now. Here are the top 3 coins that everyone should keep an eye on in 2019.

1. Bitcoin (BTC)

Of course, we have to start with Bitcoin, the first and largest cryptocurrency. Bitcoin has lost a lot in 2018, and its losses are unparalleled by any other coin. In fact, in terms of market cap, Bitcoin has lost as much as the rest of the crypto market put together.

Many believe that its rapid growth, which started in late 2017 and has brought it to its all-time high, is responsible. That the bearish 2018 was only a one large price correction of the last year’s price surge. Even if this is true, price corrections, luckily, all end sooner or later, and when this one comes to a close, Bitcoin will likely be ready for a big comeback.

2019 is expected to bring a lot that will serve BTC’s…

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Altcoins

The Three Biggest Problems with Crypto

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In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?

However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.

Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.

We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:

Scammers

Failed projects

Immature technology

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