The investor does not back down on his belief in the future of Bitcoin, making very optimistic predictions. He believes the widespread adoption of Bitcoin will change the minds of people, and they will care more about their savings.

American billionaire investor Tim Draper believes that Bitcoin will hit USD 250,000 by late 2022 or early 2023. Although the value of the cryptocurrency has changed, he considers it is on the right track towards that high.

Many people can talk about the many benefits and benefits that BTC offers. One of those experts is precisely Tim Draper, one of the most optimistic about Bitcoin.

Tim Draper is a venture capitalist and founder of Draper Fisher Jurvetson (DFJ), Draper University, Draper Venture Network, Draper Associates, and Draper Goren Holm.

In 2014, Draper purchased BTC at a US Marshals Service auction, receiving extensive coverage. The authorities had seized those coins from the Silk Road market website.

The investor has never backed down on his belief in the future of cryptocurrencies, especially Bitcoin. He has even made some very optimistic predictions about its price for the next few years.

Tim Draper Predicts the Price of Bitcoin Will Hit USD 250,000

Draper has already predicted the rise in the price of the pioneering cryptocurrency on previous occasions. In 2014, when Bitcoin was trading at around USD 500, he said its value would exceed USD 10,000 in three years.

The first time Draper predicted that Bitcoin would be worth USD 250,000 was in 2018. At the time, Bitcoin was trading at around USD 8,000.

He stated that he was sure the price would take that direction, even if he were wrong.

In February 2020, Draper reaffirmed his previous prediction in an interview on CNBC television. He stated that the price of Bitcoin would reach USD 250,000 by the end of 2022 or the beginning of 2023.

In late August, he restated his forecast, noting some trends that could be the driving force behind Bitcoin. They could help Satoshi Nakamoto’s cryptocurrency reach USD 250,000 next year.

He explained that there would be a change in people’s minds when the adoption of Bitcoin becomes widespread. He said that the inflation rate has risen because governments have printed money constantly. Those two factors have led people to worry about the future of their savings.

Draper Believes Bitcoin Will Help Change the Future

In a conversation with cryptocurrency analyst Scott Melker, Tim Draper predicted that the price of BTC would continue to rise. He said that would happen as the cryptocurrency radically changes various aspects of society.

He stated that a combination of technologies would transform not only banking but finance as well. He even indicated that he imagined that he would eventually raise a fund only in Bitcoin, investing only in that crypto asset.

Draper replied he would not exchange/sell the currency from the future for the one from the past. Finally, he highlighted that he did not imagine anything more important to humanity than Bitcoin.

By Alexander Salazar

As with countries, Ethereum has citizens, a government, a currency, corporations, a financial market, and relationships with other blockchains. The supply of ETH is comparable to the banknotes and coins in circulation of a country.

A study by Electric Capital states that millions of Ethereum users pay fees for processing their transactions. If it were only a payment network, its value would depend on the trading volume and the total costs. Once determined, those parameters could be comparable to existing payment networks such as Visa and MasterCard.

In 2020, those two payment networks processed USD 17.7 billion, with an average cost of 2.5% to 3% per transaction. Besides, the trading volume of Ethereum in the last 12 months was USD 989,000 million, with USD 1,640 million in transaction expenses. Although these are different periods, the trading volume of Ethereum would be about 5.58% of that of Visa and MasterCard.

In May, Ethereum processed stablecoin transactions of between USD 20 billion and USD 30 billion a day. In an annual period, those figures represent a volume between USD 7.3 trillion and USD 11 trillion.

In addition, there are transactions for a volume of USD 10 billion worth of ETH per day, or USD 3.7 trillion per year. The report indicates that miners receive an average income of USD 60 million a day or USD 21.9 billion a year. In the case of stablecoins, the fees are around 0.16% of the trading volume.

Ethereum is a Digital Country While ETH is Its Currency

According to the study, Ethereum is similar to a country in that it has citizens (wallets and users) and a government (Ethereum Foundation). Additionally, it has a currency (ETH), corporations (DAOs and Dapps), a financial market (DeFi), and relationships with other digital countries (bridges between different chains).

That comparison would include contrasting the velocity of the Ethereum money with that of other countries. That measurement is the ratio between the gross domestic product (GDP) and the money supply. For example, the study states that it would be possible to estimate the GDP of Ethereum in 2030 to calculate the potential value of the network.

The Money Supply on the Ethereum Network

The supply of ETH is comparable to the M1 of a country, that is, the banknotes and coins in circulation. Concerning the GDP, it is preferable to use an equivalent of M2, which considers M1, savings deposits, and money market securities.

According to the report, the equivalent components of Ethereum to integrate M2 would be the ETH and DAI in users’ portfolios (an equivalent of M1), ETH and tokens in exchange portfolios (deposits), DeFi products such as Yearn and Curve (deposits savings), locked deposits in DeFi, and products such as Aave and Compound (money markets).

The study examines various countries and states, with present and future GDP scenarios around USD 2 trillion, 5 trillion, 10 trillion, and 20 trillion. It mentions that the GDP of California was USD 3.1 trillion in 2020 and that USD 2 trillion will be 1.46% of the world’s GDP in 2030. It also highlights that the estimated GDP in 2030 will be USD 5.5 trillion in Japan and about USD 22 trillion in the United States.

A limitation regarding those estimates is the uncertainty about the expected GDP value for Ethereum. Several blockchains competing with Ethereum could capture large portions of the market. The authors also mention one of the largest NFT markets, not using Ethereum but the Flow blockchain.

By Alexander Salazar

The government of El Salvador is preparing the infrastructure to facilitate the use of the pioneering cryptocurrency. There is still discontent among sectors of the population a few days before the law enters into force.

When the Bitcoin Law of El Salvador comes into force, the Central American country will become the first to adopt the cryptocurrency as legal tender. The experiment using the crypto asset to transform the ailing economy of the nation will then start.

Last June, President Nayib Bukele announced that El Salvador would adopt Bitcoin as legal tender. The country has since been the center of attention for bitcoiners and enthusiasts of the industry. Even El Zonte, a pioneering fishing community, is excited about using the first cryptocurrency. That has become an unexpected point of interest for tourists.

The government is preparing for the entry into force of the law on September 7^th, so Salvadorans will have various services available for using Bitcoin. They will include 50 Chivo branches throughout the country, where people can deposit and withdraw money without paying fees. At those service desks, trained personnel will advise on using the government’s wallet and Bitcoin ATMs.

Bukele said that the Bitcoin Law would benefit the population, who will save close to USD 400 million in fees on remittances. He added that it would guarantee instant and more secure financial transactions.

The president highlighted that Salvadorans living abroad could send money to their relatives in El Salvador immediately. He explained that they might choose between transferring Bitcoin or US dollars and making the line at Western Union paying a fee.

Some retailers refuse to receive payments in Bitcoin, but others, like the Perronas Pizzeria and the Power Cycles motorcycle workshop, have begun to accept them.

Hundreds of Twitter users express their support for the measure promoted by Bukele. Some people believe it will benefit the population, while others applaud the country’s transformation, which is already underway.

There Are Still Protests to Reject the Bitcoin Law

However, not all sectors of society accept the Bitcoin Law, so there are frequent demonstrations and protests against the measure. The latest occurred on August 28^th, when hundreds of workers, war veterans, and retirees marched to express their concerns about using the cryptocurrency.

It worries them that the law forces them to receive their pensions and other benefits in Bitcoin instead of US dollars. They also believe that most of the citizens do not yet know how to use the cryptocurrency.

About 900 people gathered in front of El Salvador University to protest against the Bitcoin Law, and they requested an increase in the benefits they receive.

In 2001, the Salvadoran Legislative Assembly approved the Monetary Integration Law, which meant implementing the US dollar. They believed that the country would so achieve more economic stability. However, its international reserves are currently diminishing while poverty is rapidly growing.

The US Federal Reserve can adjust the supply of US dollars at its convenience. Besides, El Salvador may have to face inflation if it continues to depend on the US dollar. The Bitcoin law seeks to regulate Bitcoin as legal tender with liberating power and unlimited in any transaction.

By Alexander Salazar

Nigerian Central Bank Unveiled CBDC Guidelines and revealed their Plan to Launch E-Naira Wallet.

The Central Bank of Nigeria (CBN) has revealed that its digital currency will be a legal currency month and a state of interest. In addition, it imposes a limit on the operations of the customers and the transactions based on the value.

According to the Nairametrics news, the new information about the design of e-naira and the operating module appeared in a document that the CBN recently sent to the banks. The same document also contains detailed information about the assigned functions in each of the parts that would play a role in the e-naira program. Naira is the official Nigerian currency.

The CBN property will lead the first part of the e-naira display. This leading implies the issue, distribution, and destruction of the currency.

In the second stage, the Suite of Financial Institutions, financial institutions with licenses may apply for monthly or issue stable funds”. It also controls the digital currency in the sugar companies, Knows to your customer (KYC), identification and capacity of Completion Dinner.

The governor of Nigeria will be involved in the third stage of the process. This quarter brings together the merchants who hope to have commercial cost management software and low-cost payroll, POS, remote payment solutions, online capabilities, transaction analysis, and conciliation. The last stage, also known as the Retail Consumer Suite, will focus on the structure of the digital world.

E-naira and “Speed   Wallet”

CryptoTVplus informant says that the CBN is now on the way to launch a ticket for its digital currency. According to the information, this ticket allows the CBN to complete its launch and e-naira goal before October 1, 2021.

Without an embargo, this ticket will not compete with existing banks. In addition, the media reports that it “will serve as a medium to carry out value transactions, depending on where the banks and other innovators can propose their ticket prices”.

The ticket, which is known as Speed   Wallet, will have three levels. The first level got designed for Nigerians without bank accounts. Without embarrassment, only access will receive approval by “employing the presentation of a passport photo, number, place, and date of birth, sex, direction, and telephone number.”

Ticket users, by another drawer, must hold an account in an already existing bank. Users of this level can only send and receive USD 400 [N 200,000] records with an accumulated balance of USD 1,000. [N 500,000.] ”.

The minimum requirement for this level is a bank verification number (BVN). The third level allows you to perform diary transactions for USD 2,000 with an accumulative diary balance of USD 10,000. To have a BVN is the minimum required.

Last month, DiarioBitcoin announced that as of October 1, Nigeria is launching a trial pilot for its digital currency distributed by Central Entity (CBDC). At the moment, the director of the area of information technologies, Rakiya, Mohammed, indicates in a communication that the pilot for GIANT, the project for the development of a CBDC that dates from last 2017, will work on the red Blockchain by Hyperledger Fabric.

By: Jenson Nuñez

The victim of the scam believes that there are design problems in both MetaMask and Discord. A person recovered one of the NFTs, auctioned it, and donated the funds to the harmed user.

Sohrob Farudi, a user of the MetaMask wallet, recently said on Twitter that he lost 11 non-fungible tokens (NFTs) worth USD 813,925. He began his account by stating that someone scammed, socially manipulated, and hacked him. He explained that the criminal tricked him into exposing the QR code of his wallet in his Google Chrome browser extension.

Farudi could not find his NFTs, so he decided to join a support group on Discord, where he exposed the problem. Gargamel and NoSass, users of that social platform, offered to help him recover his tokens.

Pretending to be administrators of the platform, the scammers asked him to record a private message. Farudi said that they made him feel comfortable and treated him like a VIP to gain his trust. While supposedly looking to help him solve the problem, they asked him to share his screen to see the wallet.

The so-called administrators raised that MetaMask had just released an update that had been causing problems. They suggested that Farudi should resynchronize the wallet on his cell phone with a Chrome Extension.

Farudi Falls into the Trap of the Scammers

As Farudi did not know how to use the Chrome extension, he asked the supposed collaborators for help. Relying on Gargamel and NoSass made him lose thousands of USD dollars worth of NTF as he revealed the QR code to them.

Regarding MetaMask, their message warning about not sharing the screen while scanning the code annoyed Farudi. In that sense, he wonders why that message was on the same screen as the actual QR code after entering the password.

According to Farudi, the warning displayed by MetaMask does not allow inexperienced users to avoid making mistakes. On the contrary, they showed the security procedure after the problem had already happened.

He believes that those warning messages should be in large red bold lettering. He does not know if that would have prevented the scam, but he could have made another decision.

The Victim Has Not Lost Everything

After seeking help by various means, the head of operations at NTF marketplace OpenSea, Nate Chastain, told Farudi that stolen tokens freeze. However, the alleged thieves sold a large part of his NFTs to innocent people.

A movement of collaborators and good Samaritans set about looking for the NTFs of Farudi. A community member managed to buy one of the stolen tokens and announced an auction to raise funds for him.

After talking with the MetaMask team, Chastain said they would temporarily disable the mobile QR code synchronization function. In that way, they sought to defend against the growing number of phishing attacks taking place in recent weeks.

Similarly to Farudi, a user of the NFT-based game Axie Infinity was also a victim of scammers. That victim went to the official server to reverse the loss after entering the wrong wallet address. He supplied the attackers with the recovery phrase (or seed), losing a total of 1.4425 ETH, worth around USD 4,183.

By Alexander Salazar

Crypto ATM firms Bitcoin DigitalMint and Coinsource revealed a new partnership to ensure that Bitcoin ATM operators meet all the security requirements.

Major Bitcoin ATMs are forming a partnership with other firms in the crypto space to fight illicit activities related to crypto ATMs. US-based traders Bitcoin DigitalMint and Coinsource have released the Cryptocurrency Compliance Cooperative (CCC) in partnership with blockchain analytics company Chainalysis.

The new association aims at strengthening compliance standards, as well as protecting consumers and improving regulations in the cash-to-crypto industry, CCC members said in a statement.

Ensuring KYC and AML Compliance

CCC’s charter of founding members also includes Anti-Human Trafficking Intelligence Initiative, Blockchain forensic firms, Elliptic, and CipherBlade; likewise to the companies Metropolitan Capital Bank, Royal Business Bank, Surety Bank, and the intelligent ATM operator Maya, among others.

The association targets Bitcoin ATMs to ensure compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, as this type of equipment is often associated with a lack of security requirements.

Although many entities in the industry have already implemented the AML and KYC standards, others turned a blind eye and are complacent with bad actors, argued Seth Sattler, director of compliance at DigitalMint.

The CCC tried to fix the situation by encouraging money service companies, regulatory entities, financial institutions, providers, NGOs, and law enforcement agencies. The idea is that, as a united force, they can promote better practices and learn how to contribute with industry leaders. This way, the CCC would enforce deeper and stronger compliance protocols.

Bitcoin ATM is a Growing Industry

The compliance alliance seems particularly relevant amid the growing crypto ATM industry. During the coronavirus outbreak, the amount of Bitcoin ATMs increased exponentially. According to data from CoinATMRadar, there are at least 26,000 of these devices worldwide, with the United States of America being the country with the highest percentage (93.7%).

This figure is even higher according to an online tracker called How Many Bitcoin ATMs, which highlights that, in the US alone, there are currently more than 40,000 crypto ATMs. These metrics go parallel with other reports highlighting that the North American country leads the list of those nations prepared for large-scale adoption of digital currencies.

An independent study from the New Jersey State Commission of Inquiry stated that nearly 75% of Bitcoin ATM operators in the country allow some transactions to take effect without needing the customer to bring further information or even a phone number.

The firm CipherTrace has already predicted that cryptocurrency ATMs will face stricter regulations shortly. This regulatory framework is why in countries like the US, the CCC has decided to go ahead, and strengthen regulatory requirements.

By: Jenson Nuñez