The well-known venture capitalist from Silicon Valley, Tim Draper has been a long time believer in the leading cryptocurrency, Bitcoin and allegedly invested a lot of his wealth in the asset four years ago leaving him with 40,000 coins. Even though Bitcoin has skyrocketed to a high of $20,000 since then in December 2017 following a bull-run which sent all cryptocurrencies to new heights, the venture capitalist has claimed that he hasn’t sold any of his coins as he still expects this fresh-faced digital asset to boom even more.
Recently, Draper has doubled down on his Bitcoin price prediction of $250,000 which is one of the most optimistic forecasts for the world’s number one cryptocurrency.
As reported by Ethereum World News, Draper spoke with CoinTelegraph, the venture capitalist discussed the recent bad spell that the market has been experiencing, which saw the combined value of all digital currencies fall under $130 billion. Draper runs a venture fund and is an entrepreneur-focused university with the same name also mentioned that the sell-off was just a fluctuation.
On top of this, he mused that this move, which was proved to hit retail investor hards could have been catalysed by market manipulator before he said that bankers are “loving it” as the cryptocurrency space continues to be in turmoil. This is due to institutions like banks have vested interest in fiat. Nevertheless, Draper, went onto explained that Bitcoin’s most recent drop to even lower levels could be a side effect of market cycles, potentially accentuated by external bearish pressures.
In addition to this, he included that the decline isn’t uncommon since in any business a disruptor usually moves around with intense volatility even if the innovation holds a lot of value. Whilst keeping on the same lines, the venture capitalist said that with the dip that we have seen in 2018 it could create “a great opportunity for people to start becoming users of the currencies of the futures, crypto.”
On CNBC Africa's Crypto Trader hosted by Ran NeuNer, he shared the same sentiment saying that with fiat being tied in with political bodies, they aren’t likely to survive.
“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.”
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