Controversial Bitcoin Bull Tim Draper Discusses Crypto’s ‘Dead Cat Bounce’

Until three weeks ago, Bitcoin was pretty much a dead fad to most investors after the cryptocurrency lost 80 percent of its dollar value in just a few …
Tim Draper

Tim Draper at the Web Summit 2018 in Lisbon, Portugal on November 6, 2018 wearing a Bitcoin tie. Pedro Fiúza/NurPhoto via Getty Images

Until three weeks ago, Bitcoin was pretty much a dead fad to most investors after the cryptocurrency lost 80 percent of its dollar value in just a few months in 2018 and never recovered.

But over the weekend of March 31, Bitcoin and a few other mainstream cryptocurrencies staged a surprising “dead cat bounce,” surging more than 20 percent in two days and having held steady at above $5,000 since then. Is it a sign of Bitcoin finally gaining ground as a viable digital currency or is it another foaming bubble to lure shortsighted opportunists into the crypto game?

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In either case, the latest boom could be a positive step for the cryptocurrency community, said Tim Draper, a seasoned venture capitalist known for his bullish stance on Bitcoin throughout the cryptocurrency’s dramatic rises and falls since its creation.

Draper, who successfully predicted Bitcoin’s $10,000 milestone in late 2017, has said that Bitcoin’s dollar value could skyrocket to $250,000 in less than four years, based on the assumption that Bitcoin will replace six percent of all the government-backed currencies in circulation today.

“I expect that dollars and other political currencies will be eclipsed by Bitcoin, but it will take some time,” Draper told Observer in an interview last week. “In the meantime, over 99 percent of all transactions are still done in political currency. That will change though. In Japan, for example, many retailers price their products in Yen and in Bitcoin.”

Widespread adoption of Bitcoin and other cryptocurrencies has yet to pick up speed in the U.S. For now, federal regulators and most investors largely treat cryptocurrencies as securities, whose real value is measured in dollar terms.

That is not necessarily a bad thing, though. “You are doing society a favor by building more liquidity into the system for Bitcoin,” Draper said. “The more people recognize Bitcoin to be a common currency, the more frictionless the world economy [is], and the world becomes wealthier.”

Draper’s venture capital firm, Draper Associates, has invested in a number of Bitcoin and blockchain startups. His latest bet is a $1.25 million investment last December in Bitcoin payment platform OpenNode. Operating similarly to a credit card company but with lower fees, OpenNode aims to facilitate the use of cryptocurrencies in everyday spending activities such as ordering a coffee at Starbucks and checking out on Amazon.

Controversial Bitcoin Bull Tim Draper Discusses Crypto’s ‘Dead Cat Bounce’

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Tim Draper venture capitalist invests in InventHub a Pakistani Startup

Tim Draper an American venture capitalist and the co-founder of the firm “Draper Fisher Jurvetson” has invested in Pakistani hardware design startup, …

Tim Draper Invests in Pakistani Startup

Tim Draper an American venture capitalist and the co-founder of the firm “Draper Fisher Jurvetson” has invested in Pakistani hardware design startup, Inventhub which operates as an open source hardware platform for electronic enthusiast and developers alike. It works just like GitHub except its for hardware design tools.

Tim Draper invented the “Viral marketing” phenomenon which boosts the growth of Yahoo and Hotmail hence set as a standard marketing technique.

Tim draper-inventhub
CEO and founder of InventHub

Usama Abid CEO of InventHub

Usama Abid, the brain behind the idea of InventHub. He is the Co-founder and CEO of the company. He pitched his idea through the Draper University program. Usama Abid has learned the entrepreneurship skills from his mentor Umar Saif. He has secured an undisclosed amount of seed investment from Tim Draper.

Inventhub-timdraper

The Draper University of Heroes first launched by Tim Draper Draper in 2013, works with companies, accelerators, investors, governments, non-profits and other organizations to raise and support more heroes globally.

Previous Investments

Draper Fisher Jurvetson prior investments include companies such as Hotmail (MSFT), Skype (EBAY), Baidu (BIDIJ), Overture.com (YIIOO), and many others. As a matter of fact, Draper has invested in another Pakistani firm, AgricAgroventures (Pvt) Ltd prior to investing in Inventhub. Not only does the investment in agribusiness have tremendous commercial potential, but it also directly impacts the livelihoods of farmers across the Indus Basin.

Read More: Billionaire Tim Draper invests in Pakistani hardware design startup, InventHub

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Billionaire Tim Draper Slams’Paranoid’ Jamie Dimon, Doubles Down $250000 Bitcoin Price

That guy… first he says that bitcoin is a scam. Then he gets all paranoid… then he lines up all the banks against it… then he says credit cards, my …
Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.

Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.

Cryptocurrency bull Tim Draper has fired a shot at the chairman and CEO of JPMorgan Chase, Jamie Dimon, nearly two months after the big four U.S. bank announced the creation of a digital currency known as JPM Coin.

In an interview with crypto personality Wendy O, Draper said Dimon’s actions show that he is grieving stage of acceptance with regards to the inevitability of cryptocurrencies:

That guy… first he says that bitcoin is a scam. Then he gets all paranoid… then he lines up all the banks against it… then he says credit cards, my credit cards cannot be used to buy bitcoin and then he decides he’s going to do his own coin. I mean that was so ridiculous. That’s typical… it’s like the seven stages of… they go through denial… then they go to acceptance. So he is at acceptance.

Fiat Coin for Inter-Organizational Payments Not Ordinary Folks

The JPM coin was announced in mid-February for the purposes of enabling inter-institutional transfer of payments.

Draper, however, doesn’t see the JPM coin being nearly as successful as bitcoin. Per Draper, the reason is JPM Coin is ‘tied to a bank and people would rather not use a bank’.

The bitcoin bull was, however, not as harsh in his assessment of the rumored Facebook coin. Per Draper, Facebook enjoys a huge userbase and this would be advantageous for the rumored cryptocurrency with regards to ‘distribution’.

However, in Draper’s view ‘it’s late to the game’ for Facebook. This is because Facebook would lag behind other cryptocurrencies which have had years and years of development already.

Draper Still Expects Bitcoin to Hit $250,000 in 2022

Billionaire Tim Draper Stands By Bullish $250,000 Bitcoin Price Target For 2022 https://t.co/lq8v7cPXun

— CCN.com (@CCNMarkets) September 21, 2018

In the same interview, Draper maintained that he still expects bitcoin to hit the $250,000 mark by 2022. Per Draper this will be driven by growing adoption which is being made possible by all the developments taking place:

My reasoning is that all these engineers have to create all the things they are doing to make it really easy for us to spend it and to use it and to move it and to build it into our contracts and all of that. Once that’s all done that’s a five percent market share (of all the world’s currencies per Draper).

For bitcoin to reach the $250,000 price level by 2022 it would have to appreciate by around 4,900 percent. Currently, bitcoin is trading around the $5,200 level.

bitcoinbitcoin

Bitcoin price | Source: Yahoo Finance

Asked when the cryptocurrency bear market will end, Draper quipped:

When you stop asking then the bear market is over and that’s when everything starts going up.

‘Gold Is so Gone’ as Bitcoin Is a Better Store of Value: Tim Draper

Commenting on when mass adoption of cryptocurrencies will occur, Draper said a lot of people are already using them right now. However, he …

Billionaire venture capitalist Tim Draper has predicted that OpenNode, a multi-layered, Lightning Network (LN)-enabled Bitcoin (BTC) payment processing platform, will be widely adopted in the foreseeable future.

Draper, an electrical engineering graduate from Stanford University, believes the Bitcoin network will be able to compete with more established payment gateways, including those established by the VISA network.

When questioned about whether people are more focused on developing products during the bear market (in a recent interview conducted by CryptoWendy), Draper confirmed that many companies have been building various crypto-related solutions in order to make it easier “to move Bitcoin around.”

Commenting on when mass adoption of cryptocurrencies will occur, Draper said a lot of people are already using them right now. However, he explained Bitcoin’s market value has not yet been established which is why the pseudonymous cryptocurrency’s price has been fluctuating quite a lot.

Responding to a question about whether he thinks altcoins make good investments, Draper noted that “the ones that are going to be around for a long time, [they’re already] rising to the top” (in terms of market capitalization. He added that this is something ”we’re seeing right now and there are some [altcoins] out there that are still going through the process of being developed. They’re going to have a big impact on the world’s [economy.]”

It’s Important To Know The People Behind Cryptocurrency Projects

He continued:

A lot of success in crypto … if you want to put your money to work … [we should look at] who’s behind the [various] cryptocurrencies. If we do that, we’ll be holding on to the right currency when the time comes.

Commenting on the business model adopted by crypto entrepreneurs, Draper confirmed most of the digital asset and blockchain companies were startups. He acknowledged the Bitcoin and the Ethereum (ETH) networks are established platforms, however the majority of crypto projects are still in their early stages of development.

Tezos And Bancor Were “Huge Offerings”

Going on to mention that when his firm, Draper Associates, supported the launch of Tezos (XTZ) and Bancor (BNT), those were “huge offerings.” 

He went on to point out that the “great entrepreneurs of the world are those that rise to the occasion. When the chips are down, they continue to” stay focused and work on their projects.

While comparing Bitcoin to the rest of altcoins, Draper remarked that “gold is so gone.” He noted: 

What would you use gold for when you can store value with Bitcoin? It’s complete nonsense. But I’m sure a lot of people still use it and they think of the gold standard as like the good coin. But I look at it, and I say, you’re comparing Bitcoin to gold?

According to Draper’s assessment, people will eventually begin spending their Bitcoin holdings when its fair value has been established. He also confirmed that he’s sticking to his $250,000 Bitcoin price prediction by 2022-2023 and that this is not unrealistic as the world’s most dominant cryptocurrency would still only account for 5% of the world’s GDP at this price.

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Bitcoin Price Will Hit $4 Million And Crypto Market Sets To Rise By 1000x According To VC …

For the past few weeks, everyone has been paying attention to the Tom Lee Bitcoin price prediction and the Tim Draper Bitcoin price prediction.

For the past few weeks, everyone has been paying attention to the Tom Lee Bitcoin price prediction and the Tim Draper Bitcoin price prediction. You see both men are well-known figures in the financial system and they have a history of being bullish about Bitcoin and predicting the next crypto bull run. Even when others in the industry lost faith and started asking questions like is Bitcoin dead, will Bitcoin go back up, will Bitcoin recover, these two men never gave up on Bitcoin. Recently, Tim Draper made another amazing Bitcoin price prediction that placed the price of Bitcoin at $4 million.

Crypto News Today – Is Bitcoin Dead – Bitcoin Price Prediction 2019: Tim Draper Says Bitcoin Will Hit $4 Million

Toward the end of last year, many experts started calling for a Bitcoin bottom as reported in our crypto news outlet. This year, Bitcoin seems to have bottomed out marking the end of the bear market and the beginning of a new cycle that would be marked by a back to back Bitcoin bull run. So, the answer to the question; is Bitcoin dead, is no. Bitcoin is not dead. If Bitcoin is not dead, what does the future hold for the flagship cryptocurrency and the entire market? Well, the Bitcoin billionaire, Tim Draper believes the future is bright.

Tim Draper is one of the most confident Bitcoin traders in the world. During his latest YouTube interview, the billionaire said that the price of Bitcoin will hit $4 million. The interview was posted by TheBitcoinOfCryptoStreet. He reassured the public that he is certain that Bitcoin will become more valuable than fiat currencies. In his words;

“Here’s the way I look at it. There is about $100 trillion worth of fiat currency out there. Fiat currency is poor currency. It’s tied to political whims. It’s tied to political parties. Bureaucrats control it. It’s not really that good for you, and all of the new best, brightest engineers are working on cryptocurrencies. And so my belief is that over some period of time.”

While Tim Draper didn’t specifically say that Bitcoin will hit $4 million, his prediction about the rise of cryptocurrencies says in all. If the cryptocurrency industry rises by 1000 times from its current level, the price of Bitcoin which is currently $4,000 will be about $4,000,000. When asked to go into details about the time this prediction is expected to materialize, Draper said that he isn’t going to put a timeline on it but he is certain that this day would come. In his words;

“I don’t want to go into it in too great of depth, but at some period of time the cryptocurrencies will eclipse the fiat currency. So we’re looking at about 1,000x on what we’ve got now.”

He said that when this time comes, Bitcoin would become so popular that people would be using it more than fiat. He concluding by making reference to the Starbucks Bitcoin coffee deal that is going to allow people to buy coffee with Bitcoin. In his words;

“I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using Bitcoin or other cryptocurrency. They’ll laugh at you – it will be like the old lady paying out with pennies.”

What do you think about the Tim Draper Bitcoin price prediction in today’s crypto news? Is Bitcoin dead or will Bitcoin recover as Draper said? Share your thoughts in the comment section.

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