Bitcoin Whale Venture Capitalist Says Bakkt Crypto Trading Launch Will Boost BTC Price
Tim Draper is a popular man in the cryptocurrency world, with a bullish position on the BTC token and tons of experience as a venture capitalist. Recently, he was interviewed by CNBC’s Crypto Trader, speaking about the challenges that Bitcoin faces right now in reaching the $6500 price tag, considering the lack of movement in the last few weeks.
Draper was asked about the lack of a positive reaction from cryptocurrency to rise above the set resistances.
He commented that the “transformation” will be happening over the next few years, adding,
“There’s no reason we’re going to be using political currency again because we’re gonna be able to use cryptocurrency. It’s so much better it’s decentralized, it’s frictionless. It’s just better. I do think that Bakkt may actually give a little bit of a boost.”
The InterContinental Exchange is responsible for creating Bakkt, which is a cash-settled futures contract. It is not scheduled for launch until December 12th, though it will become a major milestone for Bitcoin. Draper was questioned about Bitcoin’s decentralized property and how centralized structures have been adopting it. Draper said that, though Bitcoin is “free, open, and honest,” he also said that it doesn’t have a connection with a political force.
He further added,
“These are bridges toward a world where we are you know where we almost are watching borders dissolve. The world kind of opens up. We have a vision of the future, it’s a very great vision. The world will look entirely different in the future.”
In Draper’s opinion, governments are much like the companies that are presently vying for their own customers within the industry, as each country works to regulate their own space for cryptocurrency.
“Governments are like companies competing for us. I believe we’re getting rid of fiefdoms and I think we’re getting rid of the tribal instincts. We’re now realizing that it’s not us against them anymore.”