Tim Draper, an investment mogul and a known bitcoin bull, has spoken out about cyber assets once again. The famous investor predicts the entire BTC and its ilks market will surge to $80 trillion within the upcoming 15 years after it abates for a little.
Draper Compared Bitcoin Era With the Internet Era
The stir which BTC is at present moving under looks like the one in the dawn of the internet. Draper believes that’s what is happening and assumes digital money will shake the world as much as the internet once did.
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The bitcoin bull video-spoke at the DEALSTREETASIA PE-VC Summit 2018 in Singapore this week, DealStreetAsia reports. There, he stated that the internet started out just like cryptos. It came in significant “waves,” got nearly destroyed and, finally, altered the entire world as the new, stronger waves, came. Therefore, he expects virtual assets to do the same.
The market of cyber-assets saw a considerable increase last year December but have been fluctuating with a downward trend since then. As of writing, it makes up around $201 billion, which is 34% lesser than the $300 billion-worth total market cap of cryptos in December.
Why is the Market Dropping?
Draper explained that the current plummeting in the crypto-niche is taking place because people have not got used to it so far. He added that once people manage to see the currency’s prospects and capabilities, the market will surge as the technology will be embraced wider.
In particular, he underscored that cryptos will transform various industries, even those that would have never occurred to us. And while the internet went after businesses worth from dozens to hundreds of billions, cryptos will go after trillion dollar industries. Among them, the billionaire named:
- banking
- investment
- insurance
- finance
- healthcare
- governments
It is not the first time Draper makes such claims. Earlier this year he «forecasted» that in four years bitcoin alone would cost a quarter of a million.
It is challenging to understand why Draper is standing so much by cryptos — is he so committed or does he have any financial interest in the industry? Concerning the latter: Draper has backed P2P lending business UangTeman via his VC firm Draper Associates. Last year he also said he might invest in DLT ventures in Indonesia, but there has been no update on the information.
Besides, he has investments in huge companies like Skype, Tesla and Baidu.
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