Billionaire investor Tim Draper was the latest pundit to weigh in on JP Morgan’s recent foray into crypto. As Fox Business reports, Draper, who earlier predicted that the total cryptocurrency market capitalization would reach $80 trln, believes that it’s ‘great news’ for the whole industry.
A spark of interest in Bitcoin
Draper says that the new coin will help ignite interest in Bitcoin, comparing it to Apple and IBM’s partnership. According to the legendary venture capitalist investor, JPM Coin might be yet another Bitcoin knock-off that won’t live up to its hype, but it will still ‘add to the interest in Bitcoin.’ Draper also claimed that he would start ‘moving everything’ from banks when they start accepting Bitcoin.
Another Bitcoin killer
The launch of JPM Coin by JP Morgan Chase, one of America’s leading banks, produced a mixed reaction. Some experts are ‘I-told-you-so’-ing while celebrating the fact that one of Bitcoin’s haters finally caved in to crypto. Others remain cautious about the potential impact of the brand new coin. Many media outlets have jumped to conclusions, claiming that JPM Coin will make Bitcoin and other altcoins obsolete.
Ripple’s in the crosshairs
Ripple, the crypto juggernaut that provides cross-border payment solutions for banks, became the major target now that JP Morgan presented its own cryptocurrency. However, as reported by U.Today, Ripple CEO Brad Garlinghouse dismissed the potential of banking coins due to their poor interoperability.