As the period of uncertainty for the crypto space continues, not
everyone seems to be equally as scared for the future of digital
currencies. Despite the recent Bitcoin sell-off, billionaire and
major crypto investor, Tim Draper, seems to believe
that a period of recovery is about to start soon.
While even the near future of Bitcoin and other digital
currencies cannot be predicted with accuracy, Draper believes that
Bitcoin value is going to keep getting higher, especially in the
next several years. In fact, he even stated that cryptocurrencies
will likely overtake fiat currencies at some point in the
future.
During the Las Vegas-based World Crypto Con, Draper stated that
cryptocurrencies will be much easier to spend, use, and invest
with, in the near future. People will be able to do whatever they
want with them since they are frictionless and they cost less.
These reduced costs alone will be a significant improvement for
people, according to Draper.
He believes that for these and other, similar reasons, people
will eventually want to move to cryptocurrencies, while fiat
currencies, which he calls political currencies, will be left
behind.
In the meanwhile, the market remains unstable, with Bitcoin often going below and above
$4,000 per coin. The lowest that it ended up being this year was at
around $3,700, which happened only days ago, while Bitcoin’s
current price remains slightly over $4,000.
Since the rest of the market dropped as well, and Bitcoin’s
market cap is more than half of the market cap of the entire crypto
space, the total crypto market capitalization also lost half of its
value in the last 15 days.
The turning point
According to Draper, there are multiple countries that
understand that cryptocurrencies are bound to
bounce back at some point. Because of that, they already started
adopting them, and the current market crash did not discourage
them. Trying desperately to cling to old currencies is a mistake
and a waste of time, according to him. This is why smaller
countries seem so prepared to accept and adopt Bitcoin, cryptos,
ICOs, as well as blockchain.
A lot of investors also remain convinced that Bitcoin will reach
the value of $250,000 in the next 2-5 years. In addition to that,
Draper is convinced that the world will soon reach an uneasy
balance when it comes to the use of crypto and fiat currencies and
that it will become easy to exchange Bitcoin for dollars and vice
versa.
Draper’s positive outlook has inspired him to even start a
Bitcoin venture fund, which is one of his next big projects. He has
revealed this plan quite recently, although he has yet to decide
when he will actually start the project. However, so far, his plan
is to raise a fund that is all Bitcoin, invest into numerous
companies, and have them pay their workers, as well as suppliers,
in Bitcoin.
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Disclaimer: This article should not be taken as, and is not
intended to provide, investment advice. Global Coin Report and/or
its affiliates, employees, writers, and subcontractors are
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