American economy media called CNBC reported on the 23rd (U.S. time) that Tim Draper, who is a legendary venture investor from the U.S., predicted that possibility of Bitcoin is greater than internet and industrial revolutions.
Tim Draper is mostly known for being the first investor of Tesla, Skype, and Hotmail. He established a venture capital (VC) called Draper Associates and DFJ and he is currently leading them.
Draper claimed that not only Bitcoin will last but it is also a biggest investment opportunity than Tesla, Skype, and Hotmail combined.
“Bitcoin has greater ripple effect than internet, Iron Age, Renaissance, and industrial revolutions.” said Tim Draper at a debate held in Manhattan. “It will have impact all over the world and it will quickly spread faster than people expected.”
He claimed that Bitcoin price will be $250,000 within 4 years. It is 30 times greater than current Bicoin price considering the fact that market price of Bitcoin is about $8,000 based on CoinMarketCap’s standards.
“Cryptocurrency will be used to buy coffee within 5 years and one will become a laughing stock to buy coffee with legal tender.” said Tim Draper.
He purchased about 30,000 Bitcoins in 2014 through an auction, and it is estimated that his cryptocurrencies are worth about $268 million.
At the debate that was held in Manhattan, Chief Editor Gillian Tett of Financial Times, which is an influential British economy magazine, showed a negative stance towards cryptocurrency’s high fluctuation and risk. However, Draper refuted her claim by saying that Bitcoin is actually safer than Wells Fargo (large American development bank).
CEO Patrick Byrne of Overstock.com, which is an online retail business, supported Draper’s stance. He explained that although many places were hacked in the past, none of them collapsed completely.
Out of 1,500 cryptocurrencies that are out on markets, Draper predicted that Bitcoin has the highest chance of survival due to its high market share. By the end of the 21st, Bitcoin was responsible for 38% of market capitalization of global cryptocurrencies followed by Ethereum and Ripple with 16% and 8.5% respectively.
Staff Reporter Kim, Myunghee | noprint@etnews.com