Billionaire Tim Draper has updated his outlook on Bitcoin (BTC), saying he sees major crypto integration coming to the flagship digital asset.
In a new interview with Coin Bureau, the venture capitalist likened BTC to Microsoft, saying that the platform will serve as the primary platform for developers within the industry to launch new technologies, effectively consolidating cryptocurrency use cases.
Furthermore, Draper said he believes that, in the same way that Microsoft created programs like Word and Excel, BTC developers will eventually create versions of the more popular technologies that are released on other crypto protocols.
“what happened [with Microsoft] Was [it] Bitcoin is a platform and it has allowed people to do different things and pick things that are really important to them, so I think the same thing is happening with Bitcoin as a platform.
Sure, a lot of the experimentation has been done on Ethereum and Solana and Tezos and so on, but now people are like, “NFTs (non-fungible tokens) are a big deal, so let's create Ordinal on Bitcoin. DeFi (decentralized finance) is a big deal, so let's create Ordinal on Bitcoin. [so] DeFi is coming to Bitcoin. Smart contracts are a big deal [so] “We plan to migrate smart contracts to Bitcoin.”
I think that's happening, and I think we're starting to see a little bit of consolidation around Bitcoin as a platform.”
Draper further stated that he believes the market's top cryptocurrency will hit the $250,000 price level sometime in 2024. He also said that he believes BTC will continue to rise after hitting $250,000, but did not specify where it will ultimately land.
Bitcoin was trading at $43,850 at press time, up slightly over the past 24 hours, and if it reaches Draper's target, it would represent a gain of roughly 470%.
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