Friday 13 April 2018

Billionaire Tim Draper Sets $250,000 Bitcoin Price Target for 2022

Billionaire Tim Draper Sets $250,000 Bitcoin Price Target for 2022

Bitcoin price Tim Draper
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Tech billionaire Tim Draper, an avowed cryptocurrency bull, has set a $250,000 bitcoin price target for 2022.

Draper made the bold prediction April 12 at the 2018 Block (Chain) Party at his self-named Draper University in San Mateo, California.

"I'm thinking $250,000 a bitcoin by 2022," Draper said (via Reddit). "Believe it. They're going to think you're crazy, but believe it. It's happening and it's going to be awesome!"

Draper has a fairly good track record for predicting bitcoin price movements, so market observers aren't taking his bullish forecast lightly. In 2015, the venture capitalist accurately predicted that bitcoin would top $10,000 by the end of 2017. BTC prices soared above $13,000 on December 31, 2017.

'Blockchain Is Transformational'

Draper also predicts that blockchain will disrupt and transform finance, healthcare, and many other industries. "It's honest, it's straightforward, it's incorruptible, and it's fair," he said.

Shortly before the Block (Chain) Party, Draper signaled his unwavering confidence in blockchain, the technology undergirding cryptocurrencies.

"The blockchain is one of the most transformational technologies that has happened in the history of the world," he told the San Mateo Daily Journal. "And it is totally worth celebrating."

Draper isn't the only billionaire who's betting big on blockchain. The Rockefeller family (estimated net worth: $1 trillion) has partnered with the cryptocurrency investor group CoinFund to help entrepreneurs launch blockchain-based businesses.

David Pakman, a partner in Venrock — the venture-capital arm of the Rockefeller family — said his VC firm is not interested in turning short-term profits, but in making  a long-term investment in blockchain.

"There are a lot of crypto traders in the market," Pakman said. "There are a lot of cryptocurrency hedge funds. This is different. To us, it looks a little bit more like venture capital."

Purchased 30,000 Bitcoins For $600 Apiece

Tim Draper has an undergraduate degree in electrical engineering from Stanford University and an MBA from Harvard. He comes from a long family line of venture capitalists.

In 2014, Draper made headlines after buying 30,000 bitcoins for $600 apiece (total price paid: $18.5 million) at an auction by the U.S. Marshals Service, a law-enforcement arm of the Department of Justice. The Justice Department frequently auctions off property seized during criminal raids.

At today's bitcoin price of roughly $8,000 a token, Draper's stake is now worth about $240 million. That's not a bad return for a four-year investment.

The entry of Old Money like the Rockefellers and Silicon Valley's stamp of approval is another signal that cryptocurrencies and blockchain — the technology behind bitcoin — is here to stay, despite the daily protestations from skeptics that "bitcoin is dead."

To illustrate the point, many of the top business schools in the world — including Draper's alma mater Stanford — have expanded their MBA course offerings to include classes on bitcoin, crypto, and blockchain.



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Fundstrat’s Lee Predicts $25,000 Bitcoin Price by 2018’s End

Fundstrat's Lee Predicts $25,000 Bitcoin Price by 2018's End

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Bitcoin is trading in the green again, and the bullish forecasts are rolling in. Thomas Lee, Fundstrat's co-founder and head of research, predicts that the crypto rally will continue and the bitcoin price could trade as high as $25,000 by year-end, according to an interview with CNBC.

With the bitcoin price hovering at about $7,839 at press time, that means the No. 1 cryptocurrency could more than triple its value in the coming months, turning one of the most closely watched market downturns into a victory lap. Volume in the past 24-hour period has surpassed USD 8.8 billion, which based on Coin Market Cap data hasn't happened since early March.

"We still feel pretty confident bitcoin is a great risk/reward, and we think it can reach $25,000 by the end of the year," Lee told CNBC.

Courtesy: Coin Market Cap

Fundstrat's Lee is a known bull on bitcoin, having been able to see the forest for the trees throughout the first quarter bear market. So he's not surprised to see the rally, saying that it's actually "overdue" and that bitcoin has been "incredibly oversold."

Indeed, Lee, a market strategist, has blamed the downturn in the cryptocurrency markets on tax selling, as investors looked to take profits to offset their capital gains tax. He said tax selling has "accelerated in the past couple of weeks because tax day is coming up."

Lee also pointed to Fundstrat's Bitcoin Misery Index (BMI), which is comprised of a "win-ratio and upside less downside volatility." He said it's reminiscent of where the index stood at the end of the 2014 bear market in bitcoin (that bear market resulted from the demise of Japan's Mt. Gox exchange.) A recent Fundstrat report said: "With the BMI at 18 (lowest since 2011), future returns for BTC are quite strong."

 

Courtesy: Fundstrat

Lee said back on March 28 that investors should be "patient buyers of bitcoin here." He pointed out then that it wasn't a good idea to try and time the markets, noting that "annual gains are driven by an average of nine days each year."

Having said that, Lee was right on target with his prediction that the selling pressure would ease right about the time of tax day, which is April 17 this year. Naysayers have questioned the theory because of the global trading that occurs in the bitcoin market; it's not just a US-phenomenon. But the theory appears to have been substantiated.

Fast and Furious

The bullish calls on bitcoin are coming fast and furious, which only intensifies the expectation that cryptocurrencies have in fact turned a corner in the second quarter and that the bulls are out in full force.

Featured image from YouTube/Upfront Ventures.



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Wednesday 11 April 2018

Crypto Exchange Bittrex Reopens Registrations, Users Lambast New Interface

Crypto Exchange Bittrex Reopens Registrations, Users Lambast New Interface

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Crypto Exchange Bittrex Reopens Registrations, Users Lambast New Interface

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Update: due to "an overwhelming response from new users," the Bittrex exchange has paused new registrations, promising to resume them "as soon as possible."

Crypto exchange Bittrex, the 7th largest worldwide by trading volume as of press time, has reopened its registration portal for new user accounts, the company announced April 10. In December 2017, the exchange was forced to start temporarily turning away new users, due to a massive influx of signup requests.

Not everyone in the crypto sphere is celebrating however. The vast majority of tweets responding to Bittrex's stirring declaration — "The.Wait.Is.Over" — were disgruntled by the new interface, with one user decrying it as "merely an exercise in CSS prettiness," and another:

Others apparently faced unexpected errors when attempting to register and even log in, and within hours of reopening, Bittrex in fact had to again temporarily pause sign-ups, citing "the overwhelming response" from new users as its reason.

Crypto person "Tulips de' Medici" quipped:

Bittrex is a major US-based crypto exchange, and its founders have a background in security at Microsoft.

Bill Shihara, Bittrex's CEO, has emphasized the exchange's commitment to KYC and AML compliance in a Unikrn Radio podcast, and in October 2017, Bittrex disabled thousands of accounts for compliance reviews without prior warning.

The excitement of some other users is nonetheless hard to deny:



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