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In a world where inflation has stifled the economy, Bitcoin is persistently being pushed as a reliable alternative asset to these waning macroeconomic conditions. Big firms and figures in the financial sector are starting to adopt the crypto leader, reinforcing its status as a mainstream asset and store of value.
Tim Draper’s Drops Bombshell On Bitcoin
American venture capital investor and renowned crypto advocate Tim Draper has once again made waves in the financial world, as he doubles down on his bold outlook for Bitcoin. During a recent interview on CBNC, the investor made a startling claim about BTC, calling it “your alternative” to the traditional financial system and failing economy.
This bold statement comes even as BTC faces heightened bearish pressure and robust pullback from its all-time high of $124,000 achieved in early August. Draper’s bullish comment on BTC underscores its resilience, positioning it as a defense against collapsing fiat currencies, inflation, and centralized control.
In the interview, Draper reaffirmed his forecast of Bitcoin hitting the $250,000 mark despite being halfway to the price target since his initial prediction. His repeated prediction of a $250,000 target reflects his unwavering conviction in BTC, driven by the fact that the crypto king is transforming it from a speculative asset into a global financial asset.
While reiterating his bullish forecast, the investor stated that BTC is a hedge against bad governance, government spending, and inflation. Furthermore, he claimed that Bitcoin is acting as an alternative for individuals and businesses that allows them to tackle the major shift occurring in government policies over time.
Draper also outlined BTC’s notable growing recognition and acceptance across the world, even in countries that lacked the environment for new technologies to thrive. According to the investor, BTC initially gained robust recognition and confidence from these countries before going mainstream over the years.
He has declared Bitcoin as the solution to government spending, which represents the percentage of GDP. Over the last 100 years, government spending has constantly seen a significant increase, but Draper believes that BTC is the key hedge against this rapid spending. In the meantime, Draper has placed Bitcoin as a reliable store of value in a failing economy above Gold, likening the asset to Shells.
Institutional BTC Buying Is Still Alive
Despite a sharp pullback from new highs, institutional investors are exhibiting newfound confidence in Bitcoin, as they go on a buying spree. Metaplanet, a popular Japanese-based firm, has made another BTC purchase, underscoring the company’s strong conviction in the asset’s long-term prospects.
According to the president of Metaplanet, Simon Gerovich, the company purchased 103 BTC at $113,491 per coin, valued at $11.7 million. Following this new purchase, the firm’s holdings now boast about 18,991 BTC, worth a staggering $1.95 billion, reaching a Year-To-Date (YTD) yield of 479.5%.
BTC trading at $110,428 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com
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