During the last few weeks, Bitcoin and all the other cryptos have lost a significant part of their value during the past few weeks.
Tim Draper believes that trillions of dollars will eventually be on their way into virtual currencies. He said that two-thirds of all the world’s currency value would move into cryptos at some point.
Draper sees a bullish future ahead
During the World Crypto Con Conference in Las Vegas, Tim Draper addressed virtual currencies and the entire crypto market in general. He said that Bitcoin would be leading the crypto market and it would allow people to easily do what they need with digital currencies.
Draper also said that virtual currencies are less costly to operate and work in a more frictionless way. Because of this, Draper believes that a significant amount of fiat users would eventually decide to move to the crypto market.
“I mean, just by that alone, just that they cost you less, it’s going to be better for people. And so they’re going to move to crypto, and they’re going to go away from the political currency – they call it fiat,” he said.
Launching the Lightning Network
Even if Bitcoin is the largest virtual currency in the market, it was frequently attacked by naysayers who have been questioning its slow speed and expensive cost.
Developers are currently working to launch the Lightning Network. This is expected to enhance Bitcoin’s performance by allowing the network to be less congested.
He then said that he wants to be able to raise a fund that is entirely in Bitcoin and invest everything in Bitcoin.
“Eventually, I want to be able to raise a fund that is all bitcoin, invest it all in bitcoin into a bunch of different companies, and have them pay their employees and suppliers all in bitcoin,” he explained. “And then no accounting fees, and it’s done automatically.”
Draper believes that by 2022 Bitcoin could be worth around $250.000.