Tim Draper Remains Bullish About the Future of Bitcoin, Encourages New Investors to Jump In Now
The venture capitalist and investor Tim Draper remains bullish about the future of the virtual currency space. During a conversation with CoinTelegraph, he mentioned that Bitcoin will be reaching $250,000 in 2022 or 2023. This is the prediction that he made several times in the past and that still maintains amid a bear market like the one that we are currently experiencing.
Bitcoin lost around 80% of its value since the beginning of the current year, and several analysts are predicting for lower prices in the near future. However, in the future Bitcoin could experience a new price increase, something that most of the analysts believe that will happen once we reach a bottom.
Tim Draper has always been investing in Bitcoin. A few years ago, he bought around 40,000 BTC and he said that he did not sell them yet. During his conversation with CoinTelegraph, he mentioned that the current sell-off in the market was just simply a normal ‘fluctuation’ in the virtual currency market. Additionally, he said that financial institutions are happy about these price decreases in virtual currencies because they are able to control the fiat market.
Furthermore, Draper marked that Bitcoin is a disruptor, and these assets tend to be volatile as soon as they are launched to the market. Although innovations are very positive for the health of humanity, they operate with high volatility.
Additionally, the current dip could also be a good moment for individuals and investors to start becoming users of virtual currencies. He has also said that he takes crisis as an opportunity.
On The Matter, He Mentioned:
“I always look at a crisis as an opportunity. And that’s the way I’m looking at this one. All times are good times to enter the crypto market. If you are forward-thinking, you’re going to look and say ‘this is just better currency,’ so it’s just a matter of time before the world adopts it. [This will happen] when everything I can do with fiat, I can do with Bitcoin.”
As Bitcoin price increases, the dollar will have less importance in the market. Bitcoin will be capturing part of the fiat currency world. In addition to it, he said that Bitcoin and virtual currencies have been created as a software and they do not require a central authority motivated by political issues to print more money.
At the time of writing this article, Bitcoin is the largest virtual currency with a market capitalization of $67.34 billion and each coin can be purchased for $3,868 according to CoinMarketCap.