Billionaire venture capitalist Tim Draper says anyone speculating on Bitcoin in the short term may want to reconsider.
In a new ask-me-anything on Facebook, Draper explains why he doesn’t make short-term predictions on the price of BTC.
“I never make Bitcoin predictions in the short term because, short term, anything can happen. People can manipulate the price. It moves up, moves down depending on big customers coming in to buy or big owners coming in to sell. It will move up and down, and if you’re investing in the short term you’re making a mistake.
Bitcoin is a long-term hold because what it is, is the future of currency. And the currency is going to be decentralized and open, and you’re going to end up with a much more fluid and dynamic currency if you own Bitcoin than if you own dollars. And sometimes Bitcoin’s going to feel very valuable and sometimes you’re going to feel like dollars are what you really want to hold onto. When you feel like dollars are what you really want to hold onto, you should probably buy Bitcoin. And when you feel like Bitcoin is something that you really want to hold onto, you should probably buy dollars.”
Draper bought 29,656 Bitcoin from the US Marshall Service in 2014 for about $18 million, which is now worth more than $117 million.
Right now, Bitcoin is up 0.54% at $3,961. Ethereum is up 0.40% at $135, and XRP is up 0.35% at $0.3041.
Technical analysts expect Bitcoin’s tight movements around $4K to continue as Ethereum, XRP and Litecoin fight to gain traction.
Coinspeaker – BTC/USD consolidates, breakout is imminent
CryptoPotato – ETH sideways trading is forming a triangle
Blockonomi –ETH price facing a lot of hurdles near $140
Live Bitcoin News – XRP signaling significant bearish break
NewsBTC – XRP sellers are still clearly in charge
Inside Bitcoins – LTC facing another potential move to the downside