Tim Draper Calls Short-Term Bitcoin Investing ‘A Grave Mistake’

Draper made these remarks during a Facebook Live session on March 24, 2019, where he answered questions asked by his followers and supporters. He answered questions on a wide range of subjects including his private for-profit program Draper University, his book, and the cryptocurrency market.

Draper: No to Short-Term Bitcoin Price Predictions

Tim Draper was asked for his views on geopolitical tensions affecting Bitcoin prices in the near future. He replied that he never makes short-term cryptocurrency price predictions as their trading prices could be influenced heavily by a large buy or sell order. This makes the market volatile and nullifies the entire point of short-term predictions. However, Draper has never held back on making long-term Bitcoin calls. Last year at Draper University, he claimed that Bitcoin would top at least $250,000 by 2022. Notably, a handful of other analysts, crypto influencers and, experts have made even bolder predictions. Draper remained bullish on the long-term prospects of Bitcoin and claimed that the digital currency would challenge the status quo. He proclaimed it as the future of money and supported his claim by referencing the Bitcoin white paper. In a recent interview, he also said that Bitcoin would soon become the world currency and only criminals would choose to use currency issued by a central bank.

The Future of Humanity Depends on Decentralized Currencies

Another user asked Draper for his thoughts on the future of humanity over the course of the next 20 years. He replied by stating that humanity is at a great juncture today. There are multiple exciting opportunities, and Bitcoin and blockchain technology can help us to shape the future. While fiat currencies act as a border between people, cryptocurrencies are the exact opposite. Draper speculated that future governments and central banks may have to compete with decentralized currencies to remain relevant. Authorities will be forced to innovate or be pushed out by the crypto movement which has zero respect for the status quo. Tim Draper is regarded to be among the earliest Bitcoin supporters. In 2014, he purchased 29,656 Bitcoin in an auction held by the US Marshall Service. The US authorities had seized the cryptocurrency from dark web marketplace Silk Road which accepted Bitcoin as a payment method in exchange for illicit goods such as drugs and ammunition. What do you think of Draper’s views on the future of Bitcoin? Let us know your thoughts in the comments below!