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Venture capital investor Tim Draper remains bullish on Bitcoin despite global economic concerns and declining stock markets. BTC itself has pulled back to support and is holding slightly above $9,500.
The VC investor and founder of Draper Associates recently appeared on CNBC reaffirming his Bitcoin price prediction of $250,000 by 2022 or 2023. He added that Bitcoin will become the currency of choice over the next few years.
Draper continued to justify his big prediction asking the question that most people will be asking themselves soon; “Do I want to pay the banks 2.5 to 4% every time I swipe my credit card or do I want a currency that is frictionless, open, transparent, global, and not tied to any political force?”
He added that at some point people are going to make that switch and Bitcoin is going to be the big winner.
Draper Grilled on Bitcoin Ownership
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The investor was put on the spot next when asked what percentage of his net worth he had in Bitcoin if he thinks it’s going up by 25 times.
As expected he remained evasive just stating that he has ‘a lot’ invested already. In all likelihood, Draper was one of the early investors in Bitcoin and got in before prices skyrocketed over the past three years.
Draper also said that people and merchants will want to move to something better and stop paying the banks for the privilege of using money.
Tim gets it ?????? pic.twitter.com/XAKKN4xsYq
— Crypto?ull (@CryptoBull) February 24, 2020
Stock Market Selloff
The Bitcoin bullishness comes as global stock markets sink deeper into the red this week. According to reports, the Dow plunged over a thousand points just yesterday.
The slump marked the third biggest daily point drop for the Dow Jones Industrial Average in its 124-year history.
Investors have started to get the jitters as the Covid-19 virus starts spreading outside of China with countries including Italy and Iran recording spikes in infections.
Even before the virus struck, the U.S. economy had already started to contract and the central bank had begun injecting liquidity into the financial system by printing more money. Borrowing is likely to slow down as companies assess the longer-term impact of the outbreak.
The 3.5% slump is nothing to be concerned about just yet but it could lead to a larger correction, which is actually overdue.
The U.S. was not the only market in pain; stocks plunged in Asia also with countries such as Thailand getting hit the hardest as its tourism industry gets battered by travel restrictions.
Bitcoin could well become the go-to asset if the economic turmoil intensifies.
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