Gold Reverses the Trend as Funds Record Biggest Two Weeks of Inflows since October

Bitcoin, meanwhile, has been having its record outflows amidst the recent correction. Gold price is also on an uptrend above $1,900 while BTC is struggling for a strong move.

Gold has been performing well since March as it continues to climb towards its all-time high of $2,075 per ounce from August 2020.

Last year, in mid-March, the precious metal prices crashed along with the rest of the asset classes, falling to $1,450. And in less than five months, gold prices surged by over 43%.

But even since this ATH, gold has been going down, falling to about $1,675 in March this year. Now, yet again, following the 19.3% drawdown, gold prices are back on track to the upside.

This week, it went to $1,912 and is currently trading around $1,890, back at early January levels.

Interestingly, the upside in gold prices coincides with the downside in Bitcoin prices which has been falling throughout this month. Last month, BTC made its ATH at nearly $65k and then dumped about 54% to $30k low last week too late January levels.

Bitcoin price is being choppy right now, trading between $32k and $42k.

As we reported, towards the end of last year, gold started recording huge outflows. In the six months to April, over $20 billion left bullion-backed ETFs. Meanwhile, bitcoin started seeing tons of inflows helping the cryptocurrency break into new highs.

But, since late April, bitcoin has been seeing record outflows, though mere 0.2% of total assets under management (AUM). This is the exact opposite of what the bullion has been experiencing.

ETF Gold Assets Falling

Gold funds have had their biggest two weeks of inflows since October as traditional hedge gets back in the limelight partly at the expense of Bitcoin. While Bitcoin is struggling with weak price actions as it takes rest following its 1,610% uptrend from March 2020 to April 2021, gold is seeing its revival amidst weaker dollar and falling inflation-adjusted yields.

“There is still so much confusion between Bitcoin and gold,” wrote Charlie Morris, founder of ByteTree, in a note.

“They coexist, and they both thrive in an inflationary environment.”

According to Morris, fund flows have an unusually large impact in boosting the gold price, and Bitcoin’s outgoing flows are depressing prices.

Investors pulled almost $14 billion from the SPDR Gold Shares ETF through to the start of May; during this period, ETFs tracking gold sold almost 12 million troy ounces. Now, some $1.6 billion has flowed back into the fund to put May on course for the best month since July.

SPDR AUM, which had fallen $56.15 billion on March 30 from last August’s $84.24 billion high, is now back at $63.75 billion, as per Ycharts.

However, enthusiasm for Bitcoin hasn’t gone away, and Bloomberg Intelligence strategist Mike McGlone, who has a price target of $100,000 per BTC, says there’s still a chance crypto can become a digital reserve asset, and that makes it worth the risk.

“Gold may be losing its significance, so it may be simply prudent to diversify,” wrote McGlone.

“The human nature of acknowledging a new asset class is what we see as a primary Bitcoin support.”

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Author: AnTy

Bitcoin Bulls Cash In On ‘Rare’ Dip Below 100 Daily SMA; Retail Getting Out?

While the latest correction liquidated $4 billion to test weekly bull market support, BTC moves from weak to strong hands. Amidst this, today, Bitcoin mining difficulty increased by 21.5%, the largest positive difficulty adjustment in almost 7 years.

While Ethereum co-founder Vitalik Buterin wrecked the dog meme coins, Tesla CEO Elon Musk wrecked Bitcoin, and by extension majority of the cryptocurrency market.

This resulted in liquidating 393,593 traders for $4 billion in the past 24 hours, as per Bybt.

Crypto stocks from Coinbase Global Inc., Marathon Digital Holdings, Riot Blockchain Inc. to Microstrategy Jack Dorsey’s Square Inc., and Tesla, everything slipped.

Crashing to $46,000, Bitcoin price had managed to recover to $52,500 only to tumble back down to $48,420 today. As Bitcoin dips, Grayscale Bitcoin Trust (GBTC) rips, hitting a record discount of under 20% to net asset value (NAV).

While BTC was working on developing a range in 60K-46.5K, the actual range is currently 59.5K-46K.

However, nothing goes up in a straight line, and pullbacks are part of bull runs.

With the latest correction, the price has dipped below 100 daily SMA, which is rare and has historically identified major bottoms, noted Charles Edwards, founder of Capriole Investments. “Any sustained time under the MA100 would be very concerning,” he added.

What’s interesting is that while some people panic sold their BTC after Musk said Tesla wouldn’t be accepting Bitcoin as payment anymore, citing environmental concerns and saying Bitcoin’s “energy usage trend over past few months is insane,” many took advantage of this buy the dip opportunity.

As usual, Michael Saylor’s MicroStrategy announced the purchase of 271 BTC for $15 million at an average price of ~$55,387 per bitcoin and now holds a total of 91,850 bitcoins.

Jason A. Williams also went deep into the bitcoin buying spree and urged Dave Portnoy to join him on this dip and double his BTC holdings to 2 BTC.

10,000 Bitcoin has actually just flowed out from Coinbase as BTC moves from weak hands to strong hands.

SoftBank Group Corp. founder Masayoshi Son might not be one of them as he said on the company’s earnings news conference,

“There’s a lot of discussion over if it’s a good thing or a bad thing, what’s the true value or is it in a bubble — honestly speaking, I don’t know.”

But at the same time, he said cryptos popularity “can’t be ignored” like bonds or diamonds. “There’s no need to reject” the cryptocurrency either, he said. “We are always having such internal discussions.”

Amidst this price action, today, Bitcoin mining difficulty has increased by 21.5%, the largest positive difficulty adjustment in almost 7 years.

“Over a longer-term time horizon we definitely think this is the beginning phase of what’s going to be the birth of an entirely new asset class that we think will be in the trillions of dollars,” said Yassine Elmandjra, a crypto analyst at Cathie Wood’s Ark Investment Management LLC.

With much of the value “speculative,” Elmandjra said, ultimately, washout will happen, which is exactly what we experienced.

Meanwhile, Vanda’s Onatibia and Pierantoni wrote that “The short squeezes in GME and AMC were the prelude to the explosion of another Bitcoin bubble,” as retail investors poured their money into the crypto asset. According to them, a correction in crypto would push them back into equities, which are trading at a significant discount from the February highs.

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Author: AnTy

Celsius Network Grew 10x in 2020; ‘Huge’ Interest from Retail & Institutions for BTC, ETH & Others

Today, Bitcoin is keeping around $33,000 after recording an approximately 30% correction from January’s all-time high of $42,000.

The mainstream media and the likes of Scott Minerd of Guggenheim and JPMorgan are getting skeptical of this bull run extended further. Still, the cryptocurrency market has seen three of these bull runs and is expecting more uptrend.

According to Alex Mashinsky, CEO of Celsius Network, “seeing a small correction is probably healthy for Bitcoin,” which is still the best performing asset class across 10, 5, or three year periods.

Not to mention, “at the same time, we are also seeing some of the other old coins close to hitting new highs. It is not just bitcoin outperforming. I think it was just a lot of migration of capital from the traditional markets, from the bond markets, from the stock markets into this non-correlated asset class,” Mashinsky said on Bloomberg.

Celsius, the second-largest asset management in the world, manages under $5.3 billion and works with over 350 institutions.

“We grew 10 times during 2020… We have seen huge adoption both in retail and from institutions,” he added.

Retail Front Running the Institutions

Bitcoin skeptics like UBS global wealth management still see Bitcoin failing due to regulatory threats and central banks issuing their own digital currencies.

However, while China is issuing a central currency, they do not promise limited supply, and just like the Fed is printing dollars, they will continue to print their digital versions, Mashinsky said. He added,

“The beauty of bitcoin is that it has limited supply. Everybody in the world knows that no one can print more of these, and the more people come in and buy Bitcoin, the higher the price is going to go.”

Besides the CBDCs, the mainstream media likes to point out how only 2% of buyers hold up to 95% of all Bitcoin. But what they miss about this data is that exchanges hold the BTC of a lot of users.

Mashinsky explains how Celsius has a bitcoin wallet with over $2 billion in it, but it doesn’t belong to one person. Unlike the traditional equities, you can’t really point to the owner. “We have 350,000 users that aggregate their coins into this wallet to earn yields,” he said.

“What we are seeing is that this is the first time in history where the retail guy got in on the next big thing ahead of institutions. The institution is just now running in,” with JP Morgan and Citi recommend Bitcoin for the first time.

The OG’s of the cryptocurrency space has been here for years, which are retail and the ones selling to the institutions.

This is why this time is different from 2017 as we see “some of the world’s smartest investors not just looking to diversify the asset class, but also generating yields and generating alpha on Bitcoin, and Ethereum and 42 other assets we manage. This is a new asset class that is now being adopted by a very broad base of investors,” said Mashinsky.

These institutions are coming in because of the macro environment. The problem is with the monetary system, which saw a half of the world’s dollars created in the last 12 months, basically when corona started.

This currency debasement is making a lot of people nervous and in their search for non-correlated assets to move away from the dollar or the euro, and because there are very, very few options, it is resulting in a stampede in Bitcoin, Mashinsky said.

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Author: AnTy

Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021

This week, while other cryptocurrencies are still struggling to reverse their correction, DeFi tokens swiftly made a recovery, with SNX token hitting a new ATH above $16.50. For now, the 23rd largest cryptocurrency is trading around $14.80 SNX 2.17% Synthetix / USD SNXUSD $ 14.84
$0.322.17%
Volume 409.21 m Change $0.32 Open $14.84 Circulating 110.52 m Market Cap 1.64 b
4 h Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021 1 d A ‘Massive Transfer of Wealth Among Traders’ Sees DeFi Tokens Winning the Round 1 w Three Arrows Capital Holds 36,969 Bitcoin ($1.24B) via An Over 6% Stake in GBTC
.

Derivatives liquidity protocol, Synthetix is the blue-chip DeFi project with a market cap of $1.68 billion. Amidst this uptrend, Synthetix released its roadmap for 2021, painting a picture of a

“future where everyone in the world is connected to one another by handheld devices that allow them to hold, trade, and transfer every imaginable asset.”

The roadmap mentions Optimistic Ethereum, Synthetix V3, Synthetic Futures, Asset expansion, dApp Upgrades, and optionsDAO as its high-level priorities.

A complete re-architecture of the Synthetix contracts will be done for the first time since last 2018. Synthetix V3 will involve a new SNX staking mechanism so that SNX is always freely transferable, introducing eSNX, tokenized debt, continuous staking rewards, continuous vesting, and Keep3r implementation, among other features.

The transition to layer two scaling solution Optimistic Ethereum which will lower the gas costs and provide higher throughput, is one of the most exciting things to come. The combination of this with Synthetic Futures will allow projects to compete with centralized futures markets and provide a minimum of 10x leverage. Also, Synthtix will expand into equities.

In the options, sDAO will provide upfront funding based on certain conditions, and oDAO will enable several improvements over the existing binary options implementation.

⁩”As an investor in SNX, it’s great to see the aggressive roadmap here,” said one of the partners of crypto fund The Spartan Group. “This is how $SNX is getting to $10B.”

2021 will also involve a focus on acquisitions and expansion for Synthetix as the scale of the project grows.

“This year we finally take on CeFi, then we come for TradFi…” concluded Kain Warwick, the founder of Synthetix.

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Author: AnTy

Bitcoin Is Ready to Welcome The New Year With Blast; Chance Of A Pullback?

Several factors point to an upcoming correction, what will be instructive for next year’s flows would be whether institutions “buy on a potential dip.”

Bitcoin vaulted above $29,000 to hit yet another record high with just one day left to end 2020. But it is showing no signs of slowing down its crazy December rally that has it up over 50% this month.

The digital asset climbed as high as $29,275 before pulling back to $28,045 but is now just above $28k.

And with these gains came over $540 billion market cap which helped Bitcoin flip its skeptic Warren Buffett’s Berkshire Hathaway and become the 10th largest asset by market capitalization.

Interestingly, while volume on Wall Street is winding down due to the holidays, crypto volumes are seeing record-breaking levels.

As Paul Vigna, a reporter at the Wall Street Journal noted, in his 3-decade experience covering financial markets, he has “never seen a group of people so insanely bullish on a specific asset class.”

This latest uptick in BTC price coincided with increased stablecoin deposits on crypto exchanges. However, such transactions are now decreasing.

A Potential Dip

Bitcoin has been going strong ever since the March sell-off and since then we have yet to see any meaningful pullback.

“BTC would have a correction when the spot inflow of institutional investors slows down,” says Ki-Young Jo, CEO of data provider CryptoQuant. He noted that Grayscale hasn’t purchased any BTC since Dec. 25. Also, we haven’t had significant Coinbase outflows since last week.

The relative strength indicator is also flashing red, putting the digital asset into overbought territory, suggesting the coin is “close to a top.”

“Key to this rally is that it has been sustained over several weeks,” said Matt Long, head of distribution and prime products with crypto brokerage OSL in Hong Kong. “If we do see a break to the downside, it will be instructive on the direction of first-quarter flows whether we see institutions continue to buy on a potential dip.”

The market has long been anticipating a correction that is yet to be seen. In the light of strong demand for Bitcoin, experts believe it won’t be as deep, 30% to 40%, as we saw during the 2017 bull run but less than half of that and even that would be quickly scooped off.

“My sense is we’re very close to a top — we could hit $30,000 though,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “We should definitely see a pullback, but the magnitude is probably lesser. We might only see 10% to 15% drops.”

According to Ayyar, a lot of things have been validated this year, and “Bitcoin is now a real alternative.”

Regulatory Worries

Regulators are also keeping things slightly uncertain. After the SEC sued Ripple Labs and its top executives for allegedly selling unregistered security XRP, it has been speculated that they are “sniffing around a number of projects and companies.”

The market can see the biggest hit if a stablecoin like the dominant USDT gets targeted. And although some may feel so, “Tether is registered and regulated under FinCEN as all the centralized competitors. Strict KYC/AML is applied to all Tether direct users, as the other main issuers are doing. Less regulated is just FUD,” clarified Paolo Ardoino, CTO at Tether and Bitfinex.

When it comes to Tether, the “SEC isn’t the agency to be worried about,” said Jake Chaervinksy, General Counsel at Compound Finance. The NYAG is already pursuing Tether in a Martin Act investigation, He said earlier this week that the handover of loan documents will be completed in “the coming weeks.”

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Author: AnTy

ETH Exchange Balance at Two-Year Low While Skew Deep into Negative Territory

The weekend is here and so is red.

The cryptocurrency market is seeing a slight correction with ETH going to $455, down from yesterday’s high of $477.

At the time of writing, Ether has been trading at $460 in the red, with 250% year-to-date performance.

The good thing is the percentage of total ETH being held on exchanges is currently at 13.35%, a low last seen on November 23, 2018, as per Santiment.

“The almost exact two-year milestone is a positive sign for Ethereum holders, who have historically benefited when supply held off of exchanges is kept low.

It indicates that large whale selloff probabilities will remain limited.”

Also, “strong demand” is seen for ETH options calls, which are the right to buy the underlying asset.

While the price of Ether is taking a breather here, so are the DeFi tokens which rallied strongly this past week, as Bitcoin stood strong above $16,000 but didn’t move much.

As the price of BTC drops to nearly $15,700, so have the altcoins, ETH, and DeFi tokens except for the likes of Hakka (26%), Hegic (16%), Sushi (12%), and Uniswap (11%).

Overall, the total value locked (TVL) in DeFi space hit a new all-time high today at $13.95 billion, as per DeFi Pulse.

The amount of ETH locked in the sector has also been on the move this past week, nearing the ATH at 8.9 million ETH.

While the ETH locked in DeFi are seeing an increase, those locked in for ETH Phase 0 slowed down, only reaching the 12.1% of the goal.

In its latest update, the Ethereum Foundation noted that with the genesis time set for Dec. 1st, 12 pm UTC, the community has to get their deposits on-chain before November 24, 12 pm UTC.

The deposits contract for ETH 2.0 was launched ten days back along with the mainnet launch Pad.

Yesterday, developer Danny Ryan also updated on the launch of Toledo devnet, a 16k validator testament with v1.0 mainnet configuration. Next week, the aim is to launch Pyrmont, 1 100k validator testnet mimicking mainnet conditions.

“Once Pyrmont is launched and stable, the testnet will be opened up to the community. Pyrmont can serve as a final place to test mainnet software releases and hardware setups in the run-up to mainnet launch.”

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Author: AnTy

Green Shots Emerge in DeFi Following the Painful Unwinding of the Crowded Space

During the recent correction, the DeFi market pulled back hard, so much so that the seven days percentage returns are still in the negative by 20% to 40%.

Except for a handful of top DeFi tokens, all of them plunged 70% to 95%.

But the market seems to be gaining momentum yet again. While in the past hour, DeFi tokens are slowly turning red, in the last 24 hours, significant gains have been made.

Notable mentions include Cream (81%), Swerve (81%), Hydro Protocol (44.3%), bZx Protocol (30%), YFI (17%), Loopring (12%), Aave (10%), Bancor (6.3%), Chainlink (5.6%), Serum (5%), Synthetix (3.8%), and CRV (2.5%).

Total Value Locked (TVL) in DeFi has also climbed to $7.95 billion after falling to the $6.78 billion low today from the high of $9.5 billion on Sept. 2nd.

Uniswap, with $1.47 billion in TVL, is now dominating the DeFi space, a position juggling between Aave, Curve Finance, and the long-standing leader Maker.

Another Vicious to Resume

The market correction was actually the domino effect of DeFi positions unwinding after the head chef of SushiSwap decided to call it a day by pulling a Litecoin’s Charlie Lee, or you could say Ethereum’s Vitalik Buterin.

“The uber-crowded trade in US equities is nothing compared to the crowded nature of DeFi space,” said Denis Vinokourov of London-based brokerage service Bequant.

When DeFi tokens started going down, “the spillover effects turned out to be significant,” which makes sense given that almost $10 billion worth of capital was splashing in the ecosystem. Vinokourov said,

“Going back to the recent price action and as demonstrated in the past, crowded trade unwinds are extremely painful and broad-based but eventually green shots emerge.”

And this is what we are seeing in the market currently. Also, with a considerable reduction in Ethereum gas levels and potential interest from China, another vicious circle will soon resume.

An Opportunity for Competitors

During the DeFi craze, network fees being too darn high also came back in the light. Ethereum miners made a killing from transaction fees, pocketing a total of $113 million in profit in August, up over 3,660% from the meager $3 million earned just four months back.

This means the Ethereum network has all to gain from this DeFi craze and to lose as well.

So, what the second-largest network needs, according to Vitalik Buterin, is nothing but “drastic increase in scalability” – which involves only sharding and rollups, and that has been coming for years.

This makes it a big opportunity for Ethereum competitors such as Cardano, Tezos, and EOS. But while Cardano has just released its mainnet, EOS is not seeing much traction, recording $1.74 billion volume compared to Ethereum’s $5.64 billion.

But according to Brendan Blumer, CEO of Block.one, the company behind EOS, “EOS will unleash DeFi… EOS has the performance, liquidity, and developer community to support DeFi applications that aren’t possible anywhere else.”

Polkadot is another one that jumped the ranks thanks to a denomination – crypto’s version of the stock split.

In the meantime, market participants acknowledged Ethereum’s layer2 solutions like the OMG network and Loopring, resulting in these tokens outperforming.

But Vinokourov says, Ether contenders “command significant financial firepower and a competing platform to rival Ethereum’s DeFi is likely a matter of time.”

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Author: AnTy

Liquidity Coming to Serum: Veteran Market Maker & Liquidity Provider, Jump Trading, Joins the DEX

Amidst the market-wide deep correction on Thursday, the decentralized derivatives platform (DEX) Serum, a collaboration between FTX and Solana blockchain, announced a “huge addition” in the form of Jump Trading.

One of the world’s leading liquidity providers in the financial ecosystem, who is also a market maker for Robinhood and in the crypto world for BitMEX and Bitfinex, Jump Trading has entered into a partnership with and made an undisclosed investment into Serum.

“Liquidity is coming: enough to scale,” tweeted FTX co-founder and CEO, Sam Bankman-fried.

A major step towards the maturation of the DeFi space, Jump Trading, will be providing market making and liquidity services to assets on the Serum platform that was launched just last week.

This past weekend, Serum went live and currently has markets for BTC, ETH, SOL, SRM, FTT, SUSHI, SXP, MSRM, YFI, and LINK with trading pairs against USDT and USDC each.

Founded in 1999, Jump Trading is known for maintaining a low public profile and is active in futures, options, cryptos, and equity markets worldwide and is a member of the Principal Traders Group.

Jump Capital, the sister company, is an active investor in the crypto market and has backed firms like BitGo, Digital Assets Data, Curve, and Bitso, among others.

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Author: AnTy

Ethereum Price Analysis: ETH Could Extend Its Downtrend Below $190

Ethereum price started an upside correction from the $189.35 low vs the US Dollar. ETH to USD is facing many hurdles above $204.50 and it is likely to resume its downtrend in the near term.

Key Takeaways: ETH/USD

  • Ethereum price is trading in a bearish zone below the $204.50 and $207.75 levels against the US Dollar.
  • ETH/USD broke a key contracting triangle with support near $199.60 on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is down more than 3% and it is likely to dive below the $7,750 level

Ethereum Price Analysis

In the past few day, there were mostly downsides in Ethereum price below the $215.00 and $204.50 levels. ETH to USD even broke the $200.00 support area and traded to a new monthly low at $189.35.

Ethereum Price
Ethereum Price

Looking at the 2-hours chart, Ethereum price settled well below the $204.50 pivot level and the 50 simple moving average (2-hours, purple). Recently, there was an upside correction above the $200.00 level.

The price made an attempt to surpass the 23.6% Fib retracement level of the downward move from $252.65 to $189.35, but it failed. It seems like the $204.50 and $205.00 levels are important barriers for the bulls.

As a result, Ethereum price broke a key contracting triangle with support near $199.60 on the same chart. The price is now trading well below the $204.50 level. An initial support is near the $194.50 level, below which there is a risk of more losses towards the $189.35 level.

Any further losses may perhaps lead the price towards the $188.50 and $182.50 levels in the near term. Conversely, the price must gain traction above $204.50 to start a decent recovery.

The next hurdles are near the $207.80 level and the 50 simple moving average (2-hours, purple). The main resistance above the 50 simple moving average (2-hours, purple) is near the 50% 50 simple moving average (2-hours, purple) at $221.00.

Overall, Ethereum price is trading in a bearish zone below $204.50 and $207.80. Therefore, there is a risk of more losses below $192.00 and $189.35 unless there is a clear break above $207.80.

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Author: Aayush J

Bitcoin Becoming A “Currency of Choice” Will Push BTC Price Up 2,500% – Tim Draper

  • Bitcoin correction may end up being more than that but we’re in for an interesting ride
  • Tim Draper still holding to his prediction of BTC at $250,000 in 2023 beginning
  • When the time to make the switch comes, “Bitcoin is going to be the big winner”
  • Warren Buffett is a critic because Bitcoin is a “huge threat” to his holdings

Bitcoin has been extremely volatile for the past two weeks, trying to stay above the important psychological level $10,000 but unable to as yesterday we went down below $9,500.

Bitcoin might be in correction but according to venture capitalist Tim Draper, we are in for an “interesting ride.” Draper, the founder of Draper Associates, in an interview with CNBC said,

“I have been out of the market for about six months, it felt pretty lofty for me and I kind of moved most of my stuff to crypto and Bitcoin. It’s kind of a safe haven now and I think this correction may end up being more than that… we’re in for a kind of an interesting ride.”

Bitcoin – A “Currency of Choice”

Draper reiterated his Bitcoin price prediction for Bitcoin that sees the digital asset hitting $250,000 in the next three years.

“I’m still holding to my prediction I think Bitcoin in 2022, Or at the beginning of 2023, will hit $250,000 and that is a big move from where it is here.”

The reason behind such a bold prediction is Bitcoin becoming a “currency of choice.” Draper explains that currently bitcoin isn’t as easy to move around but eventually it will be and then people will have a choice.

And then, they won’t choose to pay the banks two and a half to four percent every time one swipes their credit card. The choice will be the currency that’s “frictionless, open, transparent, global, and not tied to any political force,” he said.

At some point, Draper feels people are going to make that switch and at that time, “bitcoin is going to be the big winner.”

Enormous Risk

Although he didn’t reveal how much of his net worth is in bitcoin and crypto, he did say, “a lot of it.”

“It’s a lot, it is a lot a lot and it is just better in the long term,” said Draper.

But what kind of risk endemic to other holdings if we see an increment of over 2,500 percent in Bitcoin by 2023.

“Enormous risk, I wouldn’t hold a bank if you paid me to own the bag. I wouldn’t hold an insurance company right now. I mean that they are not in good shape going for the next 10 years, things are going to change. very big.”

He also points out how the millennials prefer bitcoin over dollars as it’s a better currency to hold.

Bitcoin a “Huge Threat” to Crypto Critic Warren Buffett’s Holdings

Draper also commented on long term crypto critic Warren Buffett reinstating his dislike for crypto by saying that they don’t have any value and he doesn’t own any crypto and neither will he ever.

“That is hilarious, he owns 50% of his holdings are banks and insurance companies, they are not going to do well in this new decentralized economy, of course, he’s not going to like it.”

Draper said Buffett sees bitcoin and cryptos as a “huge threat to his holdings.” Draper said,

“Clearly he’s not gonna want this new currency that is completely, everyone knows, is so much better than what we have out there and these currencies that are tied to fiat government. I think they’re just gonna be a relic of the past, it’ll be like holding drachmas and Frank’s.”

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Author: AnTy