BITCOIN FLIES AFTER BULLISH COMMENTS BY TIM DRAPER
As one of the most successful venture capitalists in the world and the founder of Draper Associates based in Silicon Valley, Tim Draper is a highly influential figure within the finance sector. He was among the first investors in companies like Hotmail, Skype and Tesla and is now worth more than $1 billion.
Therefore, when Tim speaks, people listen.
Yesterday, in a debate titled “Bitcoin Is More Than a Bubble and Here to Stay,” he reiterated his bullish call on bitcoin, saying that the currency would hit $250,000 in the next four years.
He argued that bitcoin was probably the biggest invention in centuries because of its scalability. In years to come, he said, people will no longer need to carry fiat currencies, especially when they are travelling. He boldly called bitcoin bigger than both the Industrial Revolution and the internet.
Draper bought nearly 30,000 bitcoins back in 2014 when they were trading at less than $700. He is believed to still be holding all coins meaning his investment has soared. Draper also invested in multiple crypto-related companies such as BitPesa, Bancor, and Authenteq among others.
After his statement, the price of bitcoin surged, reaching a multi-weekly high of $9,200. Other currencies like ethereum, litecoin, and ripple too jumped to $678, $165, and $0.93.
The upward moves also followed the end of the American tax season. The downward momentum of the past few weeks came as most Americans sold their holdings to settle their capital gains taxes.
Bitcoin is now trading at $9150. This momentum could continue until the BTC/USD pair tests the $10,000 level.