Bitcoin and the broad cryptocurrency prices are struggling to go higher just like Wall Street as coronavirus cases keep surging. The number of global cases surpassed 350,000 and deaths now total over 15,000.
The US Federal Reserve just today announced unlimited QE to cushion the impact of COVID-19 on the economy but the stock market continued to fall while bitcoin prices jumped to above $6,600.
According to venture capitalist Tim Draper, this crisis will put bitcoin’s benefits over the current financial system into the light.
In an interview with the Indian media about the Supreme Court’s order in crypto’s favor earlier this month, Draper said, “The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail, and just in time, because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis.”
The Bitcoin investor who is known for his Bitcoin price prediction of $250,000 in the next 4 years criticized the Indian government for mulling over a ban on crypto. However, the Supreme Court’s decision that curbed the Reserve Bank of India’s potential ban on crypto trading by preventing banks and financial institutions from dealing with individuals and businesses working with cryptos has made him hopeful.
As we reported, businesses have been reentering the Indian crypto market and making plans after the decision. Crypto exchange Zebpay made a comeback while Binance in partnership with WazirX and OKEx with CoinDCX have also entered the market.
Draper is also interested in jumping in as in his recent trip to the country, Draper interacted with some key crypto ecosystem stakeholders and “hope to be able to fund a number of them.”
He further shared “I think companies like Opennode and Lightning Network will make it a lot easier to spend bitcoin, and new companies will take advantage of the blockchain and smart contracts to create a more frictionless and honest system of commerce.”
Draper has always emphasized on bitcoin being a better system than the slow traditional system that charges a huge fraction of the amount in a transaction.
“Long term, I think this crisis will allow people to recognize that bitcoin is simply a better way to hold value and spend money than through our current banking system,” said Draper.