Draper Sees Bitcoin Reaching Infinity Against Dollar Amid Growing Adoption
Tim Draper believes that Bitcoin is on its way to 'infinity' against the US dollar. According to him, this will happen as a result of growing adoption and payment processing with no fees until 2027. Draper, an early Bitcoin backer and founder of Draper Associates, outlined a step-by-step progression for Bitcoin adoption.
He predicts that businesses will start accepting BTC payments first, then exclusively accept it, leading to bank runs and ultimately causing the price of BTC to go to infinity against the dollar. The billionaire investor likens this evolution to the shift from horses to automobiles, suggesting that fintech innovations like Bitcoin will gradually replace traditional banking.
Draper's credentials as a Bitcoin supporter are impressive. In 2014, he purchased nearly 30,000 BTC for $19 million at a U.S. Marshals auction, acquiring coins previously confiscated from the now-defunct Silk Road marketplace.
The price of BTC was trading at $63,747.84, up 3.42% in the last 24 hours, according to data from Benzinga Pro.