Tim Draper of Draper Associates recently took part in an interview in which he commented that bitcoin is likely to outdo all other digital currency assets, and that it will maintain its position at the top of the virtual food chain.
Tim Draper: The Ever-Loving BTC Fanatic
He commented:
I think we are going to see bitcoin rise above the other cryptos. Having a bank and government decide on what currency is good is not as effective as having a bitcoin where there is a trusted third party, which are hundreds of thousands of nodes making sure the transaction was done properly.
His comments come at a time when bitcoin has struggled somewhat to maintain its present price position. The currency (number one in the digital arena) has gone back and forth over the past several weeks between the $29,000 and $31,000 ranges, and it’s unclear if bitcoin will keep up its staying power. Draper said:
It’s just better, safer technology, and I think eventually, the rest of world will come on board.
This year, there have been many price predictions regarding bitcoin and its abilities to move beyond the $100K mark. Draper, himself, predicted in early 2023 that bitcoin would potentially hit a price of about $250,000 at some point in the immediate future. He stated in that discussion:
I have extended my prediction by six months. $250K is still my number.
However, we are now less than four months from the end of the year and bitcoin is nowhere even close to that number, so it would appear, at first glance, that Draper’s prediction may have come up a tad short. While it’s not impossible for bitcoin to surge in the coming weeks (anything is possible with BTC as we’ve witnessed before), the likelihood of this occurring is relatively slim at this stage.
Still, this isn’t stopping Draper from expressing his enthusiasm and putting all his support behind the world’s primary digital currency. He also commented that eventually, bitcoin will outdo the U.S. dollar and become the ultimate currency for residents of the United States (and other regions) to purchase everyday items like groceries and clothing. He said:
Bitcoin is accepted all over the world, and it is just an amount of time that retailers recognize they can save two percent by accepting bitcoin. They don’t need to pay banks and the credit card manufacturers.
It’s Going to Change Everything
In conclusion, he mentioned that bitcoin will transform everything, from commerce to the way businesses handle themselves. He stated:
Bitcoin is transforming the way currency and commerce is done. Through AI and crypto, legal, accounting, and movement of currency can be done automatically, and doesn’t require an auditor, accountant, or lawyers. Taxes can be paid in bitcoin. It can be automatic.
