The cryptocurrency sector is a fundamental part of our world. Some people love it, others hate it, but that doesn’t stop the crypto wheels from turning. Now, it seems like every week someone new joins the conversation and expresses their own opinion on the crypto space. The latest to do so is Tim Draper, a venture capitalist.
Tim Draper Talks Bitcoin
On Saturday, at the Intelligence Squared U.S. debate, Tim Draper declared a very bold statement. He said Bitcoin will be bigger than Tesla (NASDAQ:TSLA), Skype, and Hotmail combined. Draper, who made early investments in the companies mentioned above, also said that Bitcoin is bigger than the worldwide web. In addition, the 59-year old venture capital investor said BTC is bigger than the Iron Age, the Industrial Revolution.
Is he right though? I will admit that it is quite the statement. Plus, it’s not like Bitcoin is a guarantee. The virtual currency is quite volatile. That being said, Draper certainly has experience in the financial world, so his reasoning probably comes from a logical place.
The internet investor reiterated his statement Saturday that BTC will hit the $250,000 mark within the next four years. It sounds crazy, but Tim Draper isn’t the only one making optimistic predictions about Bitcoin. Thomas Lee has said time and time again that Bitcoin will reach $25,000 this year. Currently, Bitcoin is selling for $8,911.22, which puts the coin down 0.26% in the past twenty-four hours.
In a recent interview with CoinTelegraph, Draper essentially stated that the masses shouldn’t be surprised if Bitcoin ends up becoming the largest digital currency. Why? Because Bitcoin has what is deemed “a network effect.” As the coin grows in price, the network expands. That’s why Draper stated in the interview that Bitcoin is the leader in terms of cryptocurrencies.
Draper reiterated something like this on Saturday. He gave an example of what life will be like in five years time. Tim Draper stated that in five years when we try to purchase coffee using fiat currency, we will be laughed at. Again, why? Well, according to Draper, because we are not using cryptocurrency.
Will Bitcoin Be Bigger Than the Internet?
It’s difficult to say whether Tim Draper’s predictions are correct or not. To say that Bitcoin is bigger than the Industrial Revolution is quite something. But, the crypto sector has proven on a number of occasions that anything is possible. All we can really do is wait and see. I will say, however, that Draper may be onto something when he says Bitcoin will likely win the long-term crypto race.
Bitcoin currently has a market capitalization of $151,133,985,750.
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