After announcing that he had collected over 600,000 signatures, CAL 3 Chairman Tim Draper spoke at a press conference in San Mateo. (PC-REUTERS/ Stephen Lam)
CNBC reports that Tim Draper, a billionaire investor and venture capitalist in bitcoin, is optimistic about bitcoin’s potential rise to $250,000 or more despite the volatility and turmoil.
CNBC quotes Draper saying, “I think that I’m going be right on this,”
Draper said, “I don’t know if I’m going to be right or wrong but) I’m fairly certain that it’s heading in that direction.” Draper believes bitcoin will be more widely used by then.
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Draper said, “Give it a year and half, and all retailers will be on Opennode [a bitcoin payment processor], so everybody will accept Bitcoin.”
Its code allows only 21 million bitcoin to be’mined.’ More than 18 million bitcoin are in circulation. Some major companies, such as Microsoft, PayPal and Whole Foods, Whole Foods, Starbucks, Home Depot, and Overstock accept bitcoin either directly or indirectly via a third-party digital wallet.
Draper said that bitcoin would be likened to Microsoft in the world of software or Amazon in e-commerce. He predicts that bitcoin will become the center of financial activity over the next 20-30 years.
The traders are worried about the volatility of cryptocurrency and its huge energy consumption.
Draper responded to Elon Musk’s tweets about the impact of crypto world on Tesla founder.
Draper bought nearly 30,000 bitcoins in 2014. The US Marshals Services seized the bitcoins from the now-defunct online black marketplace Silk Road.
According to the cryptocurrency trading platform, Bitcoin traded up 0.63 percent to $40,194.13 on Tuesday.coindesk.com. This means that the market capitalization reached $753.03 trillion at the time this report was filed.