Billionaire Tim Draper is updating his outlook on Bitcoin (BTC), saying that the mass consolidation of crypto tech is coming to the flagship digital asset.
In a new interview with Coin Bureau, the venture capitalist likens BTC to Microsoft, saying that it will serve as the main platform for developers within the industry to launch new technologies, effectively consolidating crypto use cases.
Furthermore, like how Microsoft created programs like Word and Excel, Draper says he envisions BTC developers eventually creating versions of the more popular technologies released over other crypto protocols.
“What happened [with Microsoft] was [it] was a platform and they let people do all sorts of things, and then they chose the things that really mattered. So I’m seeing sort of the same thing happen with Bitcoin as a platform.
Sure, a lot of the experimentation went on Ethereum and Solana and Tezos and whatever else, but now people are going ‘Okay, so NFTs (non-fungible tokens) are a big deal, so we’re going to create ordinals on Bitcoin. Oh okay, so DeFi (decentralized finance) is a big deal, [so] we’re going to have DeFi on Bitcoin. Okay, smart contracts are a big deal [so] we’re going to move smart contracts to Bitcoin.’
I think that’s happening, and I think there is a little bit that’s starting to happen a consolidation around Bitcoin as a platform.”
Draper goes on to say that he believes the top crypto asset by market will hit the $250,000 price level sometime in 2024. He also notes that he believes once BTC hits $250,000, it will continue to rise, though he did not specify where it will ultimately land.
Bitcoin is trading for $43,850 at time of writing, a fractional increase during the last 24 hours. A rise to Draper’s target would indicate an increase of about 470%.
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