Billionaire Tim Draper has shared an upbeat statement amid Bitcoin’s price plunge, arguing that the leading cryptocurrency by market cap is actually “valuable everywhere.”
Draper highlighted the key properties of Bitcoin, such as decentralization, immutability, high liquidity, and its global nature.
The American billionaire has described it as the ultimate “hedge” against government spending.
Draper’s statement comes after roughly $1 billion worth of crypto got liquidated over the past 24 hours.
As reported by U.Today, the legendary venture capitalist, who is known for his prescient bets on Hotmail and Skype, predicted that Bitcoin could end up surging to $10 million. This puts them in the same camp of uber-bulls with Strategy’s Saylor.
You Might Also Like
Recently, he argued that the cryptocurrency could surge to infinity against the U.S. dollar, which could face hyperinflation if the entire system ends up breaking down.
Draper, an early Bitcoin investor, correctly predicted that the leading cryptocurrency would surge to $10,000. However, his next big prediction ended up being a big miss. The legendary venture capitalist was confident that Bitcoin would reach $250,000 by the end of 2022.
However, the leading cryptocurrency is still far from reaching the aforementioned target as of mid-2025. Yet, Draper appears to be convinced that Bitcoin will finally hit $250,000 this year, arguing that it has turned into an investment with an extremely low level of risk.
Even though gold has substantially outperformed Bitcoin this year, Draper recently opined that Bitcoin was a superior asset due to its borderless nature.