Bitcoin Becoming A “Currency of Choice” Will Push BTC Price Up 2,500% – Tim Draper
- Bitcoin correction may end up being more than that but we're in for an interesting ride
- Tim Draper still holding to his prediction of BTC at $250,000 in 2023 beginning
- When the time to make the switch comes, “Bitcoin is going to be the big winner”
- Warren Buffett is a critic because Bitcoin is a “huge threat” to his holdings
Bitcoin has been extremely volatile for the past two weeks, trying to stay above the important psychological level $10,000 but unable to as yesterday we went down below $9,500.
Bitcoin might be in correction but according to venture capitalist Tim Draper, we are in for an “interesting ride.” Draper, the founder of Draper Associates, in an interview with CNBC said,
“I have been out of the market for about six months, it felt pretty lofty for me and I kind of moved most of my stuff to crypto and Bitcoin. It's kind of a safe haven now and I think this correction may end up being more than that… we're in for a kind of an interesting ride.”
Bitcoin – A “Currency of Choice”
Draper reiterated his Bitcoin price prediction for Bitcoin that sees the digital asset hitting $250,000 in the next three years.
“I'm still holding to my prediction I think Bitcoin in 2022, Or at the beginning of 2023, will hit $250,000 and that is a big move from where it is here.”
The reason behind such a bold prediction is Bitcoin becoming a “currency of choice.” Draper explains that currently bitcoin isn’t as easy to move around but eventually it will be and then people will have a choice.
And then, they won’t choose to pay the banks two and a half to four percent every time one swipes their credit card. The choice will be the currency that’s “frictionless, open, transparent, global, and not tied to any political force,” he said.
At some point, Draper feels people are going to make that switch and at that time, “bitcoin is going to be the big winner.”
Although he didn’t reveal how much of his net worth is in bitcoin and crypto, he did say, “a lot of it.”
“It's a lot, it is a lot a lot and it is just better in the long term,” said Draper.
But what kind of risk endemic to other holdings if we see an increment of over 2,500 percent in Bitcoin by 2023.
“Enormous risk, I wouldn't hold a bank if you paid me to own the bag. I wouldn't hold an insurance company right now. I mean that they are not in good shape going for the next 10 years, things are going to change. very big.”
He also points out how the millennials prefer bitcoin over dollars as it’s a better currency to hold.
Bitcoin a “Huge Threat” to Crypto Critic Warren Buffett’s Holdings
Draper also commented on long term crypto critic Warren Buffett reinstating his dislike for crypto by saying that they don’t have any value and he doesn’t own any crypto and neither will he ever.
“That is hilarious, he owns 50% of his holdings are banks and insurance companies, they are not going to do well in this new decentralized economy, of course, he's not going to like it.”
Draper said Buffett sees bitcoin and cryptos as a “huge threat to his holdings.” Draper said,
“Clearly he's not gonna want this new currency that is completely, everyone knows, is so much better than what we have out there and these currencies that are tied to fiat government. I think they're just gonna be a relic of the past, it'll be like holding drachmas and Frank's.”
— Blockfolio (@blockfolio) February 24, 2020