Tim Draper has earned a reputation as being one of the world’s biggest bitcoin bulls. He is always there to defend the currency and inform people about how they can potentially take advantage of its growing list of benefits.
Tim Draper On the Future of BTC
In a recent interview, he spoke briefly about where he thinks the currency’s price is headed in the coming weeks and months. This has been something of a hot debate at the time of writing, as bitcoin is presently down more than half its value since mid-April, when it reached its new all-time high of approximately $64,000 per unit.
Nowadays, bitcoin is trading in the low $30,000 range, which is still quite high when compared with where it was even last year, but the asset has ultimately experienced another 2018 in the year 2021, and things are not looking good for the world’s primary form of digital currency.
Draper has often stated that bitcoin is set to reach a price of $250,000 by next year or the year after. Given the recent price drops that the currency has experienced, the asset would need to spike tenfold for this to happen. The currency would need to add more than $200,000 to its price within the next six to 18 months if Draper is going to make good on this prediction.
In the interview, despite being up more than $1 billion on his BTC purchases, Draper mentioned:
I’m wrong more than I’m right.
When considering new coins to invest in, Draper says that he usually checks to see if the coin in question provides a certain sense of freedom to its users. He also wants to know that it is trustworthy. He says:
I’m always thinking if it works. Free speech is incredibly valuable for people all over the world.
In addition, he says that he’s always being asked if or even when he will potentially sell his bitcoin stash. At this time, he has no interest in selling given that he feels the currency is more useful than ever. He compared selling his bitcoin with selling euros for an old currency that is no longer in commission. He claimed this would be a rather foolish move to make, commenting:
It just doesn’t make sense. Why would I ever trade in my bitcoin, which is the currency of the future? We have a new currency.
More Retailers Need to Get Involved
He also had some negative things to say about fiat. He mentioned that standard money is too often tied to politics and can lead to inflation as it is doing now due to overprinting. He does not trust standard fiat and is instead putting all his hope and faith in BTC.
Lastly, he said he would like to see more retailers accept BTC in the long run, as this is the only way the currency can ever become fully legitimate.