Billionaire Tim Draper Bullish On Bitcoin As It Will Surpass Traditional Currencies, Here’s Why
22 Fevereiro 2024 - 8:00AM
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Tim Draper, founder of Draper Associates and Billionaire venture
capitalist, recently shared his thoughts on Bitcoin and the
flagship crypto token’s potential to revolutionize the global
economy. Specifically, Draper highlighted how BTC could replace the
Dollar and other fiat currencies soon enough. BTC To Replace The US
Dollar Draper mentioned during an interview on Bloomberg that the
time is coming when people “won’t want the Dollars” anymore. He
believes this would happen as a result of everyone having a
preference for the flagship crypto token. When that happens, the
billionaire says that he will be able to his “food, clothing, and
shelter all in Bitcoin.” Related Reading: Dogecoin Begins Massive
Recovery Trend, But Can These Factors Drive A Rally To $0.2? Draper
suggested that this revolution was going to occur from a massive
bank run, similar to what occurred with the Confederate dollar
after the US Civil War ended in 1864. He also likened Bitcoin
potentially replacing the Dollar to what happened with the Greek
Drachma and the run on the French Franc after France adopted the
Euro. Meanwhile, the billionaire alluded to how BTC already
has an edge over some fiat currencies. He gave an example of how
Argentines and Nigerians don’t trust the Peso and Naira,
respectively and would rather prefer to do business in
Bitcoin. Bitcoinist previously reported how Bitcoin hit an
all-time high in Argentina and Nigeria. The inflationary pressure
that those countries are experiencing has caused their currencies
to devalue, with locals seeing Bitcoin as the go-to alternative to
hedge against this inflation. With the US also facing its economic
crisis, Draper’s prediction of Bitcoin replacing the Dollar may not
be far from happening. BTC bulls aim for $52,000 | Source:
BTCUSD on Tradingview.com Why Bitcoin Didn’t Rise To $250,000 In
2022 During the interview, Tim Draper also explained why his
Bitcoin prediction of $250,000 didn’t happen. The billionaire had
in 2018 predicted that the crypto token was going to rise to that
price level by 2022. Draper looked to have blamed the US government
for this not happening, stating that he didn’t expect them to have
been “paranoid” about Bitcoin. Related Reading: Is Altcoin
Season Upon Us? Here’s What Bitcoin’s Performance Shows This
paranoia is probably why the government has its reservations about
the flagship crypto token rather than accepting it and taxing
profits made on it, just like Draper expected. However, this
paranoia looks to be in the past as the billionaire claims that the
US has realized that “Bitcoin is actually better for everyone.”
Interestingly, Draper is not backing down on his $250,000
prediction, stating now that Bitcoin will hit this price level in
2025. His confidence might come from the fact that BTC looks to be
more accepted by the US authorities, especially following the
approval of the Spot Bitcoin ETFs, which are recoding huge
demand. Featured image from Brittanica, chart from
Tradingview.com
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