Venture capitalist investor Tim Draper has insisted that Bitcoin would increase by thirtyfold from its market price, branding it the currency of the future.
Following its surge near the $100,000 psychological zone, Bitcoin has seen missed reactions among market participants. Notably, commentators are at loggerheads on whether Bitcoin will see more upsides.
Amidst the debate, venture capitalist Tim Draper has argued that Bitcoin would surge at least 30 times from here. In a recent interview, the American billionaire mentioned that Bitcoin’s price is “cheap,” and the world would gravitate towards the asset in the future.
Draper Insists Bitcoin Investment is Still Early
The seasoned investor stated that Bitcoin is still nascent and entering a mainstream adoption curve. Draper noted that Bitcoin’s market cap around $2 trillion is minimal, constituting a meager fraction of the world’s currency economy.
As a result, he expects more expansion to the digital asset and, consequently, more upsides. With the analogy, Draper maintained that Bitcoin at this price is a premium discount compared to its future valuation.
For context, a thirtyfold upsurge from Bitcoin’s current market price would ensure the digital asset trades at $2.9 million per token. Notably, this still falls below Michael Saylor’s $13 million price speculation.
Creativity Is About to Fly Under Trump
Furthermore, the American billionaire asserted that Bitcoin is the currency of the future. He stated that in the next five to ten years, Bitcoin’s utility would be so standard that owners could use it to buy groceries and pay taxes.
Nonetheless, he stated that digital assets would “fly under Trump.” The billionaire investor emphasized that Donald Trump’s collaboration with brilliant minds like Elon Musk would spur mainstream adoption of blockchain technology and, consequently, the US economy.
Notably, Trump tapped the SpaceX founder to head D.O.G.E. (Department of Government Efficiency). The president-elect also appointed other pro-Bitcoin personalities to fill his cabinet.
Meanwhile, the move emphasizes Trump’s friendly stance on the digital innovation and his belief that it would boost the US economy. He even teased creating a Bitcoin Treasury reserve, further spurring investor confidence in the asset’s exceptional performance in his tenure.
In the meantime, Bitcoin trades at $96,839, up 1.7% in the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
