VC Tim Draper stated in an interview that he is a strong believer in Bitcoin after making a bold prediction that the cryptocurrency will reach $250,000. In the latest cryptocurrency news, we will read more about the new prediction that Bitcoin will be 5 percent of the market share of the earth.
The venture capitalist pointed out:
“I’m a believer that in four years, something like that, bitcoin will be about a 5% market share of the earth.”
He pointed out that the best features of Bitcoin such as transparency and decentralization are better features than one of fiat currencies. Draper is an early bitcoin investor after he purchased about 30,000 BTC when the price of the number one cryptocurrency hovered at $632 per coin. He pointed out that the investment is now worth 10 times more today and he has no doubt that the price will go much higher. Draper stated:
“I eventually want to have a fund where I take in bitcoin and I fund everybody in bitcoin and they pay their employees and suppliers in bitcoin. And then I pay my investors in bitcoin. Because I would then require no accounting, no legal, no bookkeeping, no custody. It would all be done.”
If you take into consideration that transactions are recorded on the blockchain, all of the participants would be able to see everything. Draper is a big fan of bitcoin but he is also very open to other cryptocurrencies. He does expect that the number of altcoins will decline and only the best projects will stick around as mentioned in the coming altcoin news.
VC Tim Draper also commented about the $1 billion funds of Facebook for its stablecoin by saying:
“If the shareholders will benefit somehow by a breakup, then sure go ahead and do it. But the idea that he has all this centralized power…I think he’s just building a business and it’s a great business. And there are plenty of competitors to him out there. And I’m very pleased that he’s done so well.”
In the meantime, the price of the largest cryptocurrency is hovering around at $6,379 which is a far cry from the $250,000 target that Draper predicted. He does believe that Bitcoin will be 5% of the earth’s market share.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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