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Bitcoin news today: In an interview in 2014, financial specialist Tim Draper anticipated the bitcoin cost to surpass $10,000 in three years. At the time of writing, the bitcoin cost is at $9839.22 and is in transit of achieving $10,000 before the finish of 2017.

Since 2014, Draper has been a standout amongst the most dynamic investors in the cryptographic money. During the previous three years, Draper has supported both local and global bitcoin organizations, including a $1.6 billion bitcoin brokerage and wallet platform CoinBase, and $160 million South Korean crypto exchange Korbit.

Three years ago, after taking part in different auctions to buy groups of a huge number of bitcoin, Tim Draper Bitcoin concentrated on building the important framework for the bitcoin market to thrive and develop at an exponential rate. His interest in organizations like CoinBase and Korbit played a key factor in the quick development of the US and South Korean bitcoin markets, the second and third biggest bitcoin markets behind Japan.

Apart from the $120 million benefit which he secured from his bitcoin investment of 30,000 BTC in 2014, Draper has been a standout amongst the investors in the bitcoin and digital money division in the course of recent years, finding monstrous success in both direct bitcoin investment and venture capital funding of bitcoin startups.

Draper firmly believes in bitcoin becoming the global currency by replacing the fiat in next few years. As he said in 2014:

“I’m extremely excited for bitcoin and what it can do to improve the world. Bitcoin is similar to traditional currency what internet was for information and communication. Everyone should go out and purchase a bitcoin. Everyone should at least be partially involved in bitcoin because of the fact that it’s a support against the various monetary standards. There’s an entire system being assembled that will make business significantly less demanding with considerably less friction and more secure.”

Bitcoin In 2018:

All through 2017, the market valuation of bitcoin expanded from $10 billion to $160 billion only through the general buyers and easygoing investors. Billions of dollars in institutional cash from flexible investments like Man Group and Fidelity will trigger another surge in the cost of bitcoin for the time being.

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Famous Bitcoin Trader Claims the Currency Will Hit $15,000 in 2017.

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The price of Bitcoin climbed above $3,500 and at the moment it is standing a little above $4,200. While some people are doubtful towards this gradual increase in value, Veteran trader masterluc says otherwise. He’s made a prediction that Bitcoin will be worth $15,000 by the end of 2017.  He claims that this bull run will continue into 2019 where the price will top out anywhere in between $40,000 and $110,000.

Masterluc is said to have a history of being right in his predictions, and many experts agree that the rise will continue for a while longer, which could have some major consequences for paper money.

Bitcoin recently celebrated its market cap crossing over $50 billion as it tripled the price of gold. Predicting the future of the digital currency is not an easy task especially when its reign shows no sign of ending.

 

News Credits: futurism.com

Image Credits: bloomberg.com

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How China & Japan Helped Drive Cryptocurrencies’ Price to Rise?

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Digital currencies such as Bitcoin, Ripple, and Ethereum have been soaring pretty high over the past few months. According to the latest estimates:

  • Bitcoin currently stands at $2588 per BTC
  • Ripple has hit the market cap of $10 billion
  • Ethereum has reached a total market cap of around $20 billion.

This incredible growth in value is the outcome of efforts put in by two countries – China and Japan.

CHINA:

China has been leading the Bitcoin market for the last couple of years. The Chinese mining pools are in charge of 60% of the Bitcoin network’s hash rate. Also, with a cheap electricity and access to proper hardware, China provides the ideal ground for digital mining.

However, in February 2017, three of China’s biggest Bitcoin exchanges suspended all withdrawals due to increased concerns over money laundering and capital flight. BTC China, Huobi, and OKCoin declared in separate statements that they will lift the suspension after the proper implementation of new guidelines set by the Central Bank.

Luckily, during June, there was an announcement that the self-imposed halt on withdrawals by Bitcoin exchanges was no more in place. The news took China by storm. The citizens responded with complete enthusiasm, assuring that they have complete confidence in digital currencies.

JAPAN:

While China was on a halt in the beginning of the year, Japan took Bitcoin to an entirely new level. Towards the start, Japan barely took up 1% of the total Bitcoin market in trading volume. However, that soon changed as Japan now holds at least 6% of trading volume at the moment.

Moreover, Japan has entirely eliminated the tax on Bitcoin and other cryptocurrencies, a move which will ultimately increase the trading activities within the Japanese exchange market. The main aim behind this move was to ensure that all transactions take place without having to deal with any external factors such as taxes. Now, Bitcoin traders and businesses can run smoothly and easily access cryptocurrencies in the country.

Furthermore, Large institutions in Japan have now begun to accept Bitcoin as a payment option. Japan’s largest exchange, bitFlyer, now has the backing of all of Japan’s megabanks: MUFJ, Mizuho, and SMBC. In addition, Bic Camera, a very popular retailer, has paired with bitFlyer to accept Bitcoin at all of its locations. As the acceptance of digital currencies by influential retailers increases, the Japanese have begun to trust digital currencies for daily transactions.

Both the Chinese and Japanese, are responsible for boosting Bitcoin’s value to new heights.

Acceptance by The Government:

The Japanese Government is determined to provide their business community with a proper secure environment, where they are able to easily access cryptocurrencies and conduct trading activities. They’ve already assured that all their retail stores are well-equipped with the right security systems to prevent money laundering and fraudulent transactions from happening.

Ultimately, both governments are driving the cryptocurrency’s growth off the charts, with China in plans of designing and launching its own currency and Japan legally classifying Bitcoin a form of payment.

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Bitcoin TUTORIAL – How to get a wallet and your first bit coins

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Why Bitcoin Puts Governments on Edge | Interview with David Seaman

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