Sunday, July 12, 2020

Tim Draper Slams ‘Paranoid’ Jamie Dimon, Maintains $250,000 Bitcoin Price

Billionaire and cryptocurrency enthusiast, Tim Draper, slams the chairman and CEO of JPMorgan Chase, Jamie Dimon, during an interview with cryptocurrency personality Wendy O, Draper. This is coming after almost two months Jp Morgan announced the creation of a digital currency known as JPM Coin.

The ‘Paranoid’ Jamie Dimon

Jamie Dimon, the chairman and CEO of JPMorgan Chase, was a firm pessimist of cryptocurrency. However, like an apostate, Dimon suddenly became a crypto enthusiast two months ago, while the bear market was even ranging.

During an interview with Wendy O, Draper, a crypto personality, Tim Draper stated that Dimon’s actions show that he is grieving stage of acceptance with regards to the inevitability of cryptocurrency. He explained that the guy (Dimon) first said that Bitcoin is a scam, later he got all paranoid. Then, he lined up all the banks against it, making it impossible to use a credit card to purchase cryptocurrency, and surprisingly, he decided to create his crypto, JPMorgan coin. Draper regards Dimon’s present stage with crypto as the acceptance stage after realising its inevitability.

Meanwhile, the aim of creating the JPMorgan coin is to serve the purposes of enabling inter-institutional transfer of payments. However, Draper does not see it near the level of Bitcoin’s success. Why? This is because the coin is tied to a bank and people would rather use independent cryptocurrency than use bank crypto according to Draper.

On the subject of the Facebook coin, he was not as harsh as he was with the JPMorgan coin. Draper noted that Facebook has a large user base which would be advantageous for the rumoured cryptocurrency in regards to distribution. However, Draper still thinks that Facebook is late to the game. This is because Facebook will lag behind other cryptocurrencies which have had years and years of development already, according to him.

Bitcoin To Hit $250,000 By 2022

Tim Draper also still reaffirmed his stance on the price of Bitcoin in the near future in the interview. He still expects the value of the top cryptocurrency, Bitcoin to hit $250,000 by 2022 and crypto adoption and development is key to this.

Draper explained that “My reasoning is that all these engineers have to create all the things they are doing to make it really easy for us to spend it and to use it and to move it and to build it into our contracts and all of that. Once that’s all done that’s a five per cent market share (of all the world’s currencies per Draper).”

Bitcoin price hitting $250,000 will be about 4,900 percent increase from its current price level of $5,200.

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