Friday, July 10, 2020

Tim Draper: Bitcoin is 10 Generations Ahead of Gold

Tim Draper, an American venture capital investor was recently in an interview with Crypto Wendy, a cryptocurrency YouTube channel and he had a lot to say about Bitcoin and altcoins. He also touched the subject of JP Morgan and Facebook, if they have the potential for massive adoption.

When Will Bitcoin’s Massive Adoption Occur?

Crypto Wendy asked Draper when he thinks cryptocurrency mass adoption will occur. While he was not very specific in his response, he said Bitcoin exhibits a pattern where its price increments and everyone thinks it’s the greatest thing in the world before it price drops.

Just when everyone has forgotten about it, the asset’s price gradually moves upwards and reaches a height that is beyond what everyone ever thought. Draper goes on to compare this with the invention of the internet, software, and other technology which didn’t gain massive adoption at first.

A Lot of Great Options When it Comes to Altcoins

In the aspect of what Draper feels about altcoins, he said there are a lot of great options out there. The good ones which will be around for a long time are already making their way to the top. However, he noted that to spot a good asset which will be the right one when the time comes, an investor has to consider the company backing such altcoin and how good are they.

Likewise, the interviewer asked what the future holds for Bitcoin given that it is believed to be Gold’s standard and if there will be other coins to compete with it. According to Draper, “Gold is so gone, who would use Gold when you can store value with Bitcoin, it makes no…it’s nonsense.” He adds that some people still do it, and it can be compared to 10 generations ago when Gold was used to store value.

Draper Predicts Bitcoin’s Price of $250,000 by 2023

Draper also made reference to his prediction of $250,000 per Bitcoin in 2022. However, that will happen in 2023 and within that range, he said. The CEO also outlined that people will start spending Bitcoin when they are comfortable that its price has come to the right place, and that’s before its price goes to $250,000.

Bitcoin Will Still be the Major Token

One more point Draper noted, is that Bitcoin will still be the major token. This is after he was asked what he feels about JP Morgan’s and Facebook proposed cryptocurrency and if they can gain massive adoption.

The analyst said it was ridiculous for JP Morgan to launch a coin after saying Bitcoin is a scam and cannot be bought with its credit card. He added “I don’t think it (JPM coin) will be nearly as successful as Bitcoin,” because people are trying to stay away from banks.

In the aspect of Facebook coin, Draper said it has great distribution since it will be targeted at a large audience and as such, could be good for the market. Nonetheless, they are late to the market and will be five years behind Bitcoin. They will also have to face turmoil, hackings, and other events Bitcoin has had to face to get this far, he added.

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