Tim Draper, a world famous venture capitalist and early internet investor, claims that Bitcoin will be bigger than the internet both in terms of usage and as an investment. Draper has also said that he expects Bitcoin to reach $250,000 by 2022.
Find the best trading platform. You capital is at risk when trading. Be careful.Tim Draper was recently a part of a debate about Bitcoin that discussed whether or not it is an asset to count on. Together with Overstock CEO Patrick Byrne, he defended Bitcoin as an investment and also for the unique opportunities the digital asset offers in terms of technology, online payments, and blockchain development.
During the debate, Draper, who was one of the first leading investors in all things related to the internet, claimed that he believed Bitcoin would be bigger than his early investments in Skype, Hotmail, and Tesla, combined. Draper further re-established his prediction that Bitcoin might very well pass $250,000 before 2022.
“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution,” Draper said just moments after comparing his early internet investments to his stake in Bitcoin.
He also pointed out that the world is in need of a better and more effective method for handling payments and that Bitcoin is the perfect solution.
Not Everyone Shares Draper’s Views
At the same debate, the opposition brought up the fact that Bitcoin is volatile and too risky for everyday users, and that the usages are too few for the digital asset to compare with the internet in terms of future developments. In response, Draper answered that he felt more safe about his Bitcoin investment than he did about many of his regular investments and the money he has in the bank. He also added that he thinks we’ll reach a point where fiat currencies aren’t used anymore.
Naturally, it’s reassuring to hear such excitement from a respected investor, but some claim that Draper might have a conflict of interest. According to an earlier statement, Draper bought 30,000 Bitcoins back in 2014 that he stills holds on to which gives him a personal reason to endorse the asset publicly. At today’s rate, 30,000 BTC is worth close to $300 million.
Find the best trading platform. You capital is at risk when trading. Be careful.