In a recent interview with Indian media outlet Money Control, billionaire Tim Draper said that even though the leading cryptocurrency, Bitcoin, has recently approached the $100,000 level, it is still It's cheap.''
Draper, known for his early bets on breakthrough companies such as Skype, predicted that Bitcoin could become the world's dominant currency. According to prominent investors, this will significantly reduce the demand for fiat currencies.
Although Bitcoin's market capitalization is now approaching $2 trillion, Draper noted that the largest cryptocurrency remains relatively small compared to the global economy.
In fact, Draper believes the prices of major cryptocurrencies could rise by around 30 times their current trading prices. This means the price of the leading cryptocurrency could soar by up to $3 million.
Draper believes Bitcoin's recent rally is “perfectly rational” as the leading digital asset becomes “the currency of the future.”
The 66-year-old investor remains confident that Bitcoin will somehow gain traction as a means of payment. Mainstream acceptance of Bitcoin payments will coincide with bank runs, Draper said.
Bitcoin is currently trading at $94,864 after falling 2.4% over the past week.
Draper, an early Bitcoin investor, accurately predicted that the price of Bitcoin would reach $10,000 in 2017. However, his subsequent predictions were not as successful. The venture capitalist has repeatedly predicted that Bitcoin will reach $250,000 in 2022. He then issued a revised forecast of $250,000 by the end of 2024. However, this prediction is also unlikely to come true.
