Tim Draper, founder of Draper Associates, joins Kabuto: Coast to Coast to discuss breaking the cryptocurrency trend and how it could change the future of commerce.
Tim Draper, founder of Draper Associates, says that despite the recent selloff, Bitcoin is building its staying power, setting the asset apart from other cryptocurrencies.
“I think you’re going to see Bitcoin go up more than other cryptocurrencies,” Draper said in an interview on FOX Business’ “The Craman Countdown” this week.
“Letting banks and governments decide which currencies are appropriate for Bitcoin holdings when there is a trusted third party with hundreds of thousands of nodes verifying that transactions are done properly.” It’s not as effective as doing it.”
Cathie Wood's Ark drops more shares in Tesla and Coinbase
The price of Bitcoin is expected to hover between $29,000 and $30,000 in 2023, and has increased about 76% over the past year.
“This is a better, safer technology, and I think eventually the rest of the world will get on board with this,” Draper added.
Bitcoin to reach $120,000 by end of 2024
Analysts at Standard Chartered said in early July that Bitcoin could reach $50,000 this year and $120,000 by the end of 2024 as crypto miners begin stockpiling the digital asset.
The British bank had previously predicted that Bitcoin would reach the $100,000 level by the end of next year, but Standard Chartered analyst Geoff Kendrick said the initial forecast had a 20% “There is an upside,” he said.
Bitcoin fell on Monday, losing about 3.6%. (license/image)
Draper said that because Bitcoin was the first to hit the market and is the most actively traded cryptocurrency, “it's going to be the currency that everyone jumps into when they can buy food, clothing, and shelter.”
“Bitcoin is accepted around the world and it's only a matter of time before retailers realize they can save 2% by accepting Bitcoin,” he added. “They don't have to pay a bank or credit card manufacturer.”
BLACKROCK File for Bitcoin ETF with SEC
BlackRock filed for a Bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) in June.
BlackRock's iShares Bitcoin Trust will use Coinbase Custody as its custodian, even though U.S. regulators have not previously approved a spot Bitcoin ETF application, according to SEC filings He plans to do so.
FOX Business' Charlie Gasparino told “The Craman Countdown” that the judge's ruling on XRP is “positive” for retail investors' holdings, but why the ruling will be “murky and strange” explained.
“Bitcoin is changing the way money and commerce is done,” Draper said.
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“Through AI and cryptocurrencies, legal, accounting, and currency transfers can be done automatically, without the need for auditors, accountants, or lawyers. Taxes can be paid with Bitcoin. It can also be automated. is.”
