Tim Draper is an American venture capital investor known for his bold predictions. Last year he predicted that Bitcoin will reach the $10.000 mark and somehow it even exceeded his expectations.
He wrote a book named ‘’How To be The Start-Up Hero: A Guide and Textbook for Entrepreneurs where he made another bold statement. He writes in the book that Bitcoin will double from his original prediction. In an interview, he explained that he waited for a next prediction because he wanted the ‘’dust to settle’’. The reason why he believed that Bitcoin will reach $10.000 was that people finally understood it and started investing in it. He also invested in Bitcoin because as he says it is ‘’easy enough to use’’.
In his book, you can find that he believes Bitcoin will rise to $200.000. There is a pretty reasonable explanation for this statement. Cryptocurrencies are beginning to dominate the financial markets but also our everyday lives in general. On the other hand, fiat currencies are losing their value to the possibilities that cryptocurrencies offer. He expects people to be able to spend their crypto coins and eventually replace credit cards. Cryptocurrencies are more accessible than fiat ones and this is why they will eventually replace them.
In an interview he said: ‘’ Right now there is more than $80 trillion worth of fiat currency. Cryptocurrencies will expand that market maybe up to $100 trillion’’. He also stated: ‘’ I look at Bitcoin as a network effect. For example, if I have Bitcoin and no one else does, then it is worthless.
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But if I have it and you have it too, we have a connection. Further, that connection will grow.’’
Tim Draper believes that the number of Bitcoin wallets will continue to increase and this will affect the value of Bitcoin in the future.
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