Billionaire Tim Draper Bullish On Bitcoin As It Will Surpass Traditional Currencies, Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	19,321,236,347	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

19,321,236,347

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00098	0.73%	0.13519	0.13512	0.13514

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00098

0.73%

0.13519

0.13512

0.13514

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.13591	0.13288	0.13383	0.13421	0.055786 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.13591

0.13288

0.13383

0.13421

0.055786 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:10:53	8.00	0.1352	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:10:53

8.00

0.1352

USD

Price x Volume	Volume	Base Symbol	Related Pairs
10,268,179.51	76,502,077.09	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

10,268,179.51

76,502,077.09

Billionaire Tim Draper Bullish On Bitcoin As It Will Surpass Traditional Currencies, Here’s Why

22/02/2024 11:00am

NEWSBTC

Tim Draper, founder of Draper Associates and Billionaire venture capitalist, recently shared his thoughts on Bitcoin and the flagship crypto token’s potential to revolutionize the global economy. Specifically, Draper highlighted how BTC could replace the Dollar and other fiat currencies soon enough. BTC To Replace The US Dollar Draper mentioned during an interview on Bloomberg that the time is coming when people “won’t want the Dollars” anymore. He believes this would happen as a result of everyone having a preference for the flagship crypto token. When that happens, the billionaire says that he will be able to his “food, clothing, and shelter all in Bitcoin.” Related Reading: Dogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2? Draper suggested that this revolution was going to occur from a massive bank run, similar to what occurred with the Confederate dollar after the US Civil War ended in 1864. He also likened Bitcoin potentially replacing the Dollar to what happened with the Greek Drachma and the run on the French Franc after France adopted the Euro. Meanwhile, the billionaire alluded to how BTC already has an edge over some fiat currencies. He gave an example of how Argentines and Nigerians don’t trust the Peso and Naira, respectively and would rather prefer to do business in Bitcoin. Bitcoinist previously reported how Bitcoin hit an all-time high in Argentina and Nigeria. The inflationary pressure that those countries are experiencing has caused their currencies to devalue, with locals seeing Bitcoin as the go-to alternative to hedge against this inflation. With the US also facing its economic crisis, Draper’s prediction of Bitcoin replacing the Dollar may not be far from happening. BTC bulls aim for $52,000 | Source: BTCUSD on Tradingview.com Why Bitcoin Didn’t Rise To $250,000 In 2022 During the interview, Tim Draper also explained why his Bitcoin prediction of $250,000 didn’t happen. The billionaire had in 2018 predicted that the crypto token was going to rise to that price level by 2022. Draper looked to have blamed the US government for this not happening, stating that he didn’t expect them to have been “paranoid” about Bitcoin. Related Reading: Is Altcoin Season Upon Us? Here’s What Bitcoin’s Performance Shows This paranoia is probably why the government has its reservations about the flagship crypto token rather than accepting it and taxing profits made on it, just like Draper expected. However, this paranoia looks to be in the past as the billionaire claims that the US has realized that “Bitcoin is actually better for everyone.” Interestingly, Draper is not backing down on his $250,000 prediction, stating now that Bitcoin will hit this price level in 2025. His confidence might come from the fact that BTC looks to be more accepted by the US authorities, especially following the approval of the Spot Bitcoin ETFs, which are recoding huge demand. Featured image from Brittanica, chart from Tradingview.com

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