Welcome to the Crypto Weekly Update, where we organize all the crypto news from the previous week for your reading pleasure. The Crypto Weekly Update will be released every Monday afternoon. Think we can improve? Let us know in the comments section below!
Tim Draper Predicts Bitcoin Will Hit $250,000
Tim Draper is the founder of Draper Fisher Jurvetson. Draper is most famous for being an early investor in Tesla, Sykpe, Twitter and Space X. However, he is now becoming more prominent in the Bitcoin & cryptocurrency community.
In 2014, Draper purchased $30,000 worth of Bitcoin from the US Government proving he was bullish on the technology. Last week, Draper proclaimed on Twitter that he believes the price of Bitcoin will reach $250,000 in 2022.
This is not nearly as bold of a prediction compared to John McAfee’s claim of $1,000,000 by 2020. However, this is still a great sign that large name investors are still backing the currency and technology. Although it has been a rough in 2018 for the cryptocurrency market, the future is bright! Speaking of which…
Bitcoin jumps above $8,000!
Now I know hearing a price of $8,000 isn’t as exciting as it was when it first reached that in 2017. However, with Bitcoin having reached a low of ~$6,000 in 2018, things are looking up. Maybe…
Some are still speculating that his is a “bull trap” and the price of Bitcoin can still fall under $4,000. The truth of the matter is no one knows what will happen for sure. But, whenever we see an increase of about 18% in a week, it’s always a good sign compared to all the losses 2018 has brought so far. Everyone should still expect some volatility in the coming months and hope for a price break out towards the end of the year.
Santander to Launch Ripple Payment App
Although it doesn’t incorporate Ripple’s XRP token, this is a big win for Ripple and a great sign for the community as a whole. Santander became the first bank to implement a “blockchain-based international payments service to retail customers in multiple countries simultaneously.”
As more and more large institutional banks incorporate blockchain technology and cryptocurrencies to their current processes, it proves cryptos are here to stay!