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Bitcoin and crypto are poised to speed up globalization and the decentralization of industries, making them immune to questionable government economic policies, according to tech venture capitalist and BTC bull Tim Draper.
Back in 2018, the tech billionaire made a bold public call that the Bitcoin price would reach $250,000 by the end of 2022 or early 2023.
This year he doubled down on his bullish BTC prediction jokingly stating, “If Bitcoin does not hit $250,000 by early 2023, I’ll eat a raw egg.”
“That’s my prediction. Sticking with it. I’m very confident that that is going to happen. That’s happening. It’s kind of funny.”
During the most recent LA Blockchain Summit, Draper speaks about how the massive global transformation ushered in by the Internet is making borders meaningless.
Now, Draper says Bitcoin is about to change everything from real estate to banking.
“When bitcoin came along, all of a sudden, we had a currency that we could use globally and one that we could have faith in even if a government for instance printed 13 trillion dollars, we could still have a currency that would not dilute.
And that was the beginning of something that I think is going to be a major change in the world. And I think the world is going to go through an anthropological leap because we realize we used to be tribal, and that was sort of a way of being secure. We’d say, ‘Okay, this is the border, don’t cross this border and our people will be safe.’
Well now we realize that the borders are becoming more and more meaningless and the decentralized world becomes more important and it will be everything from banking to insurance to real estate to governance that are gonna change and become decentralized around the world and that’s gonna make us global, completely global.”
“Those barriers are bad for us. But they’re also really just kind of the roar of the dying lion as we move to this new world. And it’s very exciting. And then if you break down crypto, it starts with Bitcoin and it starts with a currency, and a blockchain, and a smart contract.
And then it moves to DeFi (decentralized finance), where all the things that are happening with dollars today now can start to happen with crypto. From there, I think you move to the e-commerce world where open node and others like it can bring it so that the merchants can tap Bitcoin.
I think that those are the three stages and once those stages are done and it’s easy to use and the world opens up, we are going to have a truly crypto, decentralized, open-world.”
In other trending Bitcoin News today:
Craziest Chart in Crypto Shows Billions of Dollars Set to Pour Into Bitcoin, Says Top Analyst
The highly-cited pseudonymous analyst, known in the industry as Filbfilb, says the $10.9 billion rise of Tether (USDT) in 2020 suggests traders are storing their capital in the dollar-pegged stablecoin as they prepare to buy BTC.
The analyst notes USDT expansion – which has been on the rise since the coronavirus-related market crash in March – has historically preceded Bitcoin price increases.
And Tether has expanded massively in the past month alone, he says.
“Since 30th August, USDT expansion has been $5 billion – that’s [a] 50% increase… FIFTY – that 50% is greater than the ENTIRE USDT cap that took BTC to $14k last time… AND price retracted since by c. 10%. I don’t subscribe to Tether conspiracies, but I do subscribe to supply and demand.
This has to be the craziest chart in crypto right now. The positive correlation of Tether expansion / BTC appreciation in 2019 was quite something. In 2020 Tether has expanded from $4.1 billion to $15 billion – FIFTEEN.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Today, @Square announced that it has purchased $50M in bitcoin. Square believes cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose. For more, visit https://t.co/HPhSMfVgac.
— Square IR (@SquareIR) October 8, 2020
This has to be the craziest chart in crypto right now. The positive correlation of Tether expansion / BTC appreciation in 2019 was quite something.In 2020 Tether has expanded from $4.1bn to $15bn
– FIFTEEN. pic.twitter.com/PSI6ndlkTH
— f i l ₿ f i l ₿ (@filbfilb) October 5, 2020
https://cointelegraph.com/news/tim-draper-doubles-down-on-his-250k-btc-prediction