Bitcoin Could Be Bigger Than The Internet

bitcoin - cryptos

That’s what venture capitalist Tim Draper, founder of leading venture capital firms Draper Associates and DFJ, was quoted as saying at the Intelligence Squared U.S. debate on Saturday.

When asked how the cryptocurrency compared to his early investments in Skype, Tesla (NASDAQ:TSLA), Hotmail, Twitter (NYSE:TWTR) and SpaceX, Draper, who purchased 30,000 bitcoins from the U.S. government in 2014, said the digital currency will be “bigger than all of those combined.”

“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution,” the serial bitcoin holder said. “This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

Draper reiterated his bullish call for bitcoin to hit $250,000 within four years and he had the props to match.

“In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto,” Draper said, adding he believes “there will be a point at which you will no longer really want any of the fiat currency.”

It’s worth noting that Draper has a solid record of forecasting bitcoin prices. In 2015, he accurately predicted that crypto would top $10,000 per unit by the end of 2017 – a full two years beforehand, when bitcoin prices hovered around $300.

Draper is not the only investor to have his sight set on the world’s number one cryptocurrency. Recently, financial moguls, including George Soros, the Rothschild family, the Rockefellers, and others, have stepped towards bitcoin trading as well.

While the potential impact of the involvement of big-time name investors has yet to be determined, the news has triggered a jump in crypto prices, sending the price of the number one virtual currency back above $8,500.

The price of the bitcoin has plunged more than 46% since early January. However, the crypto remains nearly 400% higher on a year-over-year basis. Bitcoin hit a lifetime high of $19,700 in December 2017.

Reference: CNBC

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