Bitcoin (BTC) will be the only benefactor of the interest in Facebook’s Libra coin and crypto. Tim Draper, renowned billionaire and bitcoin advocate said this in an interview on July 19. On top of this, he defended bitcoin (BTC) and Libra against the mounting pressure from governments, especially in the US.
When asked whether the world runs on a post-bitcoin setting, he said that the coin represents true innovation from the crypto universe. He added that bitcoin would be the ultimate tool that reshapes borders, finance, and government power.
Airing his sentiments on this, Draper noted,
I think all these other cryptos are bridges to where we have a Bitcoin environment,
He further cited that US regulators are using a very stern approach when dealing with the crypto and blockchain sectors. Draper used Libra as an example to shed light on this. According to him, the US watchdogs should not demand regulatory assurances before the coin goes live.
Referring to US regulators, he stated that,
We’re putting regulation before the innovation – Facebook’s just announced Libra; they haven’t even been able to ship it yet, and the regulators are all over them,
Bashing Anti-crypto Governments
Bitcoin opened the day trading more predictably after volatility plagued its market in the past week. These wild press swings were a result of Congress debating crypto policies. While the coin dipped below the $10,000 level, it managed to trend upward again. At the time of writing, BTC is trading at $10,448.
While the US Congress was busy criticizing crypto, Draper also took it upon himself to bash anti-crypto governments. In this case, the bitcoin advocate attacked the Indian government for banning BTC.
He took to Twitter to say,
People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership. Pathetic and corrupt. #India #bitcoin
— Tim Draper (@TimDraper) July 17, 2019
However, his remarks attracted a strong reaction from the Indian crypto community. A lot of Indian crypto adopters criticized him for his strong comments on something that is still unverified. Others asked him to only believe authorized court orders and not rumors.
Other News in the Crypto Market
This news comes after a publication claimed that the bitcoin network is now eight times stronger than it was at the $20,000 level. Per Blockchain, a data monitoring resource, the total hashrate of the BTC network peaked at 79 trillion TH/s on July 20. This means that the network’s computing power has increased almost eight times since the coin hit its all-time high.
Do you think Libra and Crypto are conduits to a bitcoin environment? Let us know in the comments section below.