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Compiler/Editor: Qin Jin
Billionaire Tim Draper, founder of Draper Associates, said in a recent interview with FOX Business Channel's "Klarman Countdown" that despite the recent decline, Bitcoin has been increasing its staying power, saying that the asset is similar to other cryptocurrencies. different.
In Tim Draper's view, we will see the day when Bitcoin surpasses other cryptocurrencies, and we will also see the day when it surpasses other fiat currencies. Letting banks and governments decide which currency is good is not as effective as Bitcoin having a trusted third party with hundreds of thousands of nodes to ensure transactions are completed correctly.
Bitcoin is hovering between $29,000 and $30,000 in 2023, but has gained about 76% in the past year. Tim Draper added, "It's better, more secure technology, and I think eventually the rest of the world will join Bitcoin."
In early July, analysts at Standard Chartered Bank said that Bitcoin is expected to reach $50,000 in 2023 and $120,000 by the end of 2024 as crypto miners begin to hoard digital assets.
The Bank of England had previously predicted that Bitcoin would reach the $100,000 mark by the end of next year, but Standard Chartered Bank analyst Geoff Kendrick said there was "room for upside" of 20% from the original forecast.
Tim Draper said that because Bitcoin is the first cryptocurrency to appear on the crypto market and is also the most actively traded cryptocurrency, when you can use it to buy food, clothing, and shelter, it will become the currency that everyone will choose.
"Bitcoin is accepted around the world, and retailers realize that accepting Bitcoin saves 2% on time costs," he said, adding that they also don't need to pay back banks and credit card providers.
In June, BlackRock applied to the U.S. Securities and Exchange Commission (SEC) to establish a bitcoin exchange-traded fund (ETF).
BlackRock’s iShares Bitcoin Trust will use Coinbase Custody as its custodian, although U.S. regulators have so far not approved any applications for spot Bitcoin ETFs, according to a U.S. Securities and Exchange Commission filing.
Tim Draper said frankly that what Bitcoin is going through reminds him of the growth curve experienced by the early Internet. At that time, Internet people were fighting for the Internet. In the end, the Internet became such an important part of our world. The same thing will happen in On Bitcoin.
So we're going through one of the most exciting decades of our lives, and in our lifetimes we're going to see Bitcoin change the way money and business work, and the advent of AI itself changes education and law and accounting and everything else. The way it works, when you combine these two things, AI and cryptocurrency, then we will have a completely frictionless new world where legal, accounting and currency flows can be completely automated on the blockchain, without requiring the services of an auditor, accountant or attorney. Taxes can also be paid in Bitcoin, and it can also be done automatically on the blockchain.
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