Legendary venture capitalist, Tim Draper, has been a long believer in Bitcoin, who reportedly bought about 40000 coins back in 2014.
Even though Bitcoin has exploded in value, seeing a bull run that took cryptos to the moon, Draper claims that he is yet to sell, and still expects the boom of this new-fangled asset class in the long haul.
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In an interview with CoinTelegraph, he doubled-down his price prediction of $250,000/BTC, one of the most optimistic forecasts for Bitcoin. Talking about the recent Bitcoin bout of capitulation, which led to the aggregate value of all cryptocurrencies dropping below $130 billion. Tim noted that the sell-off was just a ‘fluctuation’
He noted that this move for retail investors could have been triggered by those manipulating the market, and that as cryptos experience a crises, bankers are enjoying it, as such institutions are very much interested in fiat. However, Tim explained that the recent move of Bitcoin to lower levels could simply be market cycles’ by-product, brought about by external bearish pressures.
Draper, adding to his sentiment that the decline isn’t out of the ordinary, noted that in any business, a disruptor usually moves with immense volatility even though the innovation holds great value for the human health.
Draper, keeping to his optimistic thought process, noted that the dip that occurred in November 2018 could “create a great opportunity for people to start becoming users of the currencies of the futures, crypto.” He then agreed to the fact that fiat due to its link with political forces, might not survive.
Touching on his thoughts, the venture capitalist, stated that: “I always look at a crisis as an opportunity. And that’s the way I’m looking at this one. All times are good times to enter the crypto market. If you are forward-thinking, you’re going to look and say ‘this is just better currency’, so it’s just a matter of time before the world adopts it. [This will happen] when everything I can do with fiat, I can do with Bitcoin.”