Bitcoin billionaire and founder of Draper Associates Tim Draper has expressed confidence that Bitcoin (BTC) will be a common store of value as it is better than gold in this respect. Tim mentioned this in an interview with CryptoWendy.
Although many still use gold as a store of value, Tim said it is still not as good as Bitcoin and BTC will soon become the preferred. This is because there are many projects working on making it easier to carry out transactions with Bitcoin when it reaches its fair value without having to undergo any stress.
Apart from Bitcoin, he added that top altcoins such as Ethereum are already established and will bring positive change to the world. Other newer altcoins according to Tim are undergoing growth and will soon become impactful as well.
He had earlier predicted that Bitcoin will hit $250,000 a piece by 2022 which he still insists will come to pass. Although many are already using the asset for regular daily purchases, he attributes the delay in real mass adoption to the lack of established value which has caused a lot of volatility that keeps investors and users away.
Tim’s $250,000 prediction may seem unreasonably huge and unrealistic but he maintains that it is within reason as the total of 21 million Bitcoins will only account for 5% of global GDP at that rate.
Tim has been a long term supporter of Bitcoin and himself a major holder of the asset. He has always believed that Bitcoin would lead a revolution that will disrupt the existing financial institutions.
Already, this is coming to pass as statistics shows Bitcoin is increasingly becoming popular as a means of payment and now a store of value. According to Tim’s prediction, Bitcoin will become the number one store of value when the real value becomes stable and volatility is dealt with when the market matures.
This is a time the cryptocurrency community and indeed crypto investors are looking forward to. The question is will his price prediction come to pass considering the uncertainties surrounding the cryptocurrency market? Bitcoin is currently trading at well over $5,000 and seems determined to push forward. This has been confirmed to be the case and it might just be the beginning of Tim’s prediction coming true.