While many people believe that the massive adoption of Bitcoin is somewhat tied around the mainstream acceptance of digital currencies in general, Tim Draper thinks there is more to it. In a Bloomberg report, the American venture capital investor said Bitcoin adoption could grow because of its efficiency.
Bitcoin adoption accelerator
Draper mentioned that the largest cryptocurrency by market capitalization is simply a better currency than the other currencies that are backed by governments. In the course of this simplicity, he added that Bitcoin adoption would increase, citing monetary stimulus as a possible catalyst.
The billionaire investors can be seen as one of the prominent Bitcoin supporters, and he has been bullish of Bitcoin. In addition to relaying his thoughts on the Bitcoin adoption accelerator, Draper predicted that the price of the crypto would reach $250,000 in the next two years or Q1 of 2023.
Draper’s early Bitcoin days
Before holding Bitcoin, the billionaire already had investments in big companies such as Tesla and Skype. He began holding Bitcoin back in 2014 after he reportedly won the cryptocurrency through an auction conducted by the United States Marshals.
Draper won a total of 29,656 BTC when the crypto was trading at $600. Later in 2015, the price of Bitcoin went into the bearish track, so that it dropped to $200 by that year. Draper’s strong hands paid off, as the cryptocurrency later increased to around $20,000 as the market went bullish in 2016-2017.
The BTC surge turned Draper’s early prediction to be correct, as he forecasted after winning the Bitcoins that the price will hit $10,000. The billionaire did not state the exact percentage of his BTC net worth but he mentioned that he owns a lot of Bitcoin.