Dec 6, 2018 07:40 UTC
Dec 6, 2018 at 07:40 UTC
Tim Draper Optimistic on his $250,000 Prediction
Tim Draper the ‘Nostredame’ of the crypto world and an impeccable venture capitalist himself has reinforced on his bold prediction of $250,000 for the bitcoin. Tim even shrugged off the recent bearish trend of the market as a ‘fluctuation.” by a few market manipulators.
Tim Draper has always been bullish with his predictions and rightly so, as he is one of the early investors in the new technology. In 2014 he puzzled the world by buying 40,000 BTC coins from the US government. The BTC was confiscated from the underground market, ‘Silkroad.’ Tim during an interview said he hadn’t sold any of the coins yet, as he believes that his prediction of $250,000 would eventually turn out to be true.
The recent slump in the market is nothing to worry about, and it is quite common in the trade business cycles, believes Tim. The cryptomarket would gain from the recent slump as more people would try to enter the market at a lower price. Tim is also of the belief that there is no good time to join the Crypto market and all time is right for entering the crypto world.
Tim also says that the current crisis of the crypto world must be a delight for the centralized authorities like the bank. The institutions routing for fiat currencies must not overshoot their optimism as the market would eventually gain momentum. The current slump is nothing more than a few big players manipulating the market by selling off huge chunks of their crypto assets to bring the prices down.
Tim says that now is the right time for the players outside the crypto world to enter the market, and all such bearish trend must be looked at as an opportunity for the new entrants. Mr. Draper stated
“I always look at a crisis as an opportunity. And that’s the way I’m looking at this one. All times are good times to enter the crypto market. If you are forward-thinking, you’re going to look and say ‘this is just better currency’, so it’s just a matter of time before the world adopts it. [This will happen] when everything I can do with fiat, I can do with Bitcoin.”
Tim Draper still critical of Fiat Currencies
Tim Draper still believes cryptocurrencies are going to be the primary form of currency shortly. Be it Bitcoin or Ethereum coin, the future is with cryptocurrencies, as centralized authorities like banks control Fiat-based currencies. Tim cites an example of current charges on the transaction, which comes to an astonishing 4% of the total value.
With cryptocurrencies, the transaction charges are either minimal or comparatively much lower — the current news when $510 Million worth of transaction was done for a mere 3 cents. Even the time required for operations are pole apart. When using current technology, any centralized authority would take an upwards of a week to finalize the transaction worth of millions, but the same can be completed within seconds on a crypto exchange.
Finally, he explained on his reinforced believe that BTC would eventually trade at a value of $250,000. Tim says Dollar or any other fiat currency would eventually lose its market value shortly. The adaptation of cryptocurrency would lead to the jump in prices for BTC and many other cryptocurrencies.