Famous investor Tim Draper anticipates Bitcoin‘s (BTC) value will more than double by the year 2024. He attributes this prediction to increasing investments in Bitcoin spot exchange-traded funds (ETFs), as well as the approaching Bitcoin halving event.
During Paris Blockchain Week, Draper expressed to CryptoMoon his conviction that Bitcoin’s worth will significantly rise by 2024 due to various reasons.
“Draper expressed optimism, estimating that we might reach around $250,000 by year-end based on current trends.”
In simpler terms, the acceptance of Bitcoin ETFs trading on US markets has sparked a surge of new attention and investments towards the Bitcoin market.
Draper suggests that investment products related to Bitcoin provide an accessible option for those who are interested in Bitcoin but feel intimidated by the idea of personally managing and storing it. These products can also act as a protective measure against the potential decrease in value of traditional currencies.
“I think that it gives people an opportunity to buy some Bitcoin and hold on to it so that they can take care of themselves when there’s a run on the dollar or the euro.”
Investors who prefer their current fund managers to handle their portfolios also find the Bitcoin ETF attractive. By investing in a Bitcoin ETF through firms like Fidelity or JPMorgan, they can include this asset class in their existing investment plans.
At Paris Blockchain Week, we were fortunate enough to engage with Tim Draper, who offered intriguing perspectives on Bitcoin’s future. He envisions a scenario where owning some Bitcoin becomes essential for securing personal financial well-being once fiat currency loses value, which could translate into $250,000 worth of BTC by year’s end.— CryptoMoon (@CryptoMoon) April 10, 2024
Draper explained that the limited availability of Bitcoin and its growing use as a means of payment for products and services make it more attractive to people. On the other hand, fiat currencies face the challenges of inflation and reduced buying power.
“Draper expressed that he doesn’t feel the need to keep any fiat currency that loses value due to political instability, excessive government spending, or unexpected inflationary decisions made by politicians.”
An investor from a venture capital firm noted that Bitcoin provides “exceptional security” against inflation.
“I think I’ve actually started to see the lines cross. People feel more comfortable with their Bitcoin than they do with their dollars.”
The upcoming Bitcoin halving in April 2021 is expected to bring about substantial changes in the market. This event, which occurs roughly every four years, is a crucial moment for investors, according to Draper’s assessment.
For investors in the stock market, it’s commonly advised not to go against the Federal Reserve. Similarly, for Bitcoin buyers, it’s crucial not to underestimate the impact of the halving. The halving leads to a decrease in supply, an uptick in demand, and ultimately, a price increase – all according to basic economic principles of supply and demand. (Draper’s statement)
A venture capitalist shared again his perspective that investing a small, distinct portion of one’s funds in Bitcoin serves as an increasingly alluring method for shielding assets from potential bank collapses and currency depreciation worries.
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2024-04-11 09:58