No matter how poorly bitcoin appears to be doing as of late, there are always fans and enthusiasts that seem to back it up, and venture capitalist Tim Draper is among the most prominent.
Tim Draper Continues to Push BTC
Draper has always been an avid supporter of bitcoin, purchasing several of them about six years ago following a bitcoin auction of Silk Road founder Ross Ulbricht’s crypto stash. In addition, Draper has always been adamant that bitcoin will reach six-figure status and has gone so far as to claim the currency would hit $250,000 by the year 2022 or 2023.
Recently, Draper pulled this prediction back a few years and claimed that the currency could strike such a figure by the end of 2020.
In a recent interview, Draper states that technologies like bitcoin and artificial intelligence (AI) will revolutionize industries ranging from banking to healthcare to real estate, and that he’s confident both will ensure the safety of both the United States and all its traders. He says that AI, for example, could be utilized to detect cases of fraud, though AI would not be able to do so without the smart contract capabilities of blockchain.
Thus, he claims both technologies will work in sync with one another to ensure industries within America and abroad remain stiff-legged and secure. He comments:
Those technologies now have the ability to transform the biggest industries in the world. It is not just a currency; it is banking and finance, insurance, real estate, healthcare and government. All those industries all in the trillions of dollars, they are hugely valuable, and have the potential to be transformed by these new technologies.
Draper is so sure that bitcoin is the wave of the future that he’s recently exited the stock market completely and stepped fully into the worlds of bitcoin and crypto. He says he’s using all the money he had in the stock market to purchase new BTC units, and he couldn’t have done this at a more appropriate time.
As the fear and panic surrounding the coronavirus explode throughout the globe, the stock market has suffered immeasurably over the past week, meaning Draper has likely avoided quite a few losses over these last few days.
Supporting It No Matter What
That’s not to say, however, that bitcoin hasn’t suffered terribly as well, dropping from about $10,350 in February down to about $5,300 at the time of writing. Thus, bitcoin has lost more than $5,000 in just a matter of days, suggesting it has fallen even more than the Dow.
Still, Draper isn’t stepping away from the world’s number one form of crypto anytime soon. He says its decentralized nature is likely to change all the world’s banking and financial systems for the better in the future, and he’s confident other systems will follow suit.