Tim Draper: Bitcoin is here to stay

Associates co-founder Tim Draper believes that Bitcoin will reach $250,000, although it will take some more time. “Bitcoin is here to stay,” Draper said on Bloomberg TV on Tuesday, reaffirming that target even if it pulls back to 2025. Asked about an extended timeline, Draper replied:

I really didn’t expect the US bureaucracy to be this aggressive and I thought maybe they would realize that they had to compete with the rest of the world. Entrepreneurs need to provide a platform where they can thrive, and by enforcing this regulation, which the SEC claims and directs, it really fires all the big entrepreneurs and I think it hurt the Bitcoin price.

The price of Bitcoin has increased significantly this year. Bitcoin has recorded an 84 percent increase since the beginning of the year. In addition to his statements, Draper made the following statements:

It’s a great system, a great currency, a great way of working. I can’t wait until I raise a fund entirely in Bitcoin, deposit it all in Bitcoin, and pay the employees and suppliers of my portfolio companies entirely in Bitcoin. All taxes are paid in Bitcoin and money is transferred to everyone’s Bitcoin wallets. Because then there is no accounting, no auditing, no bookkeeping, it’s all done on the blockchain. Everything is honest and everything is fine.