Tim Draper argues that any time is a good moment to buy crypto, predicting Bitcoin will eventually replace traditional money. He remains bullish on cryptocurrency adoption despite market volatility.
Tim Draper is a big time venture capitalist and staunch Bitcoin believer with an estimated crypto net worth of between 350 and $500 million. In 2014, he bought nearly 30,000 bitcoins for an estimated $29 million. According to his predictions, Bitcoin will be worth $250,000 by 2022. Following the recent market crash, we caught up with him and found he was as bullish as ever.
I'm looking at this as just a fluctuation that moves up and down. I'm sure there are people trying to move the market and manipulate the currency and I'm sure there are bankers that are loving it when things are going down for crypto because, hey, they control all your fiat currency. But I think that this is just, you know, a natural occurrence. There is a lot of volatility when there's a new player in the business, in any business. And in this case, it's such an enormous market that, you know, I think, you know, any dips like this create a great opportunity for people to start becoming users of the currency of the future. The cryptocurrencies, not the ones that are tied to political forces. If everybody is following the same press and the press all says there's a panic, then they say, oh, there must be a panic. And so then they'll all sell and then they sell more and it goes down further. And then when the press says it's a boom, oh, it's a boom, and we'll all jump on and it'll end up being a bigger boom than it should. I always look at crisis like this as an opportunity and that's the way I'm looking at this one. All the times are good times to enter the crypto market. It's just if you are forward thinking, you're going to look and say, look, we are all going to be using bitcoin in the future. It's just better currency. So it's just a matter of time before the world adopts the better currency. And I think it'll be when? As soon as I can do everything with my bitcoin that I can with my dollars, then everyone's going to start looking at it and say, well, wait, why do we even deal in dollars when we have bitcoin? It's so much easier. There's less friction. You don't pay the credit card guys 2 1/2 to 4%. You don't, you're not tied to some central bank determining how much money is out there in the system. You don't know how much inflation is going to take away. I have a pretty good idea that the bitcoin price in 2022 or 2023 is going to be about $250,000. And that'll be two things that work. One is that the dollar will decrease in value relative to crypto, and the other is that bitcoin will take a larger and larger market share of all currency around the world. I think of institutions as penguins slowly waddling over to the water, and finally one of them gets pushed in. And if that penguin isn't eaten by a shark, then they all jump in. And I suspect that that will probably happen. But institutions move very slowly and cautiously. They'll be the last people to adopt the new currency, and they'll only do it if they can't get their business done with existing currencies. If they're pessimists, they're going to live as pessimists. They're going to always think that the worst is coming. But if they look back into history and they keep thinking that the worst keeps coming. You go back 50 years, most of the world didn't have indoor plumbing or electricity. 50 years, a lot of great things have happened moving forward in 50 years. If you're a pessimist, you're not realistic. The optimists are actually the ones who accurately predict the future, because the best of these things happen. Cointelegraph like subscribe and Hodl.
