tim draper

Tim Draper Bullish on Bitcoin Due to Inflation Hedging Attributes – Bitcoin News

Tim Draper, one of the early investors in Bitcoin, declared that he remains bullish about the value of the first cryptocurrency even as its price has contracted in the past months. Draper believes that the asset is still valuable as an inflation hedge, and that the market we are dealing with now is “very similar” to the bursting of the internet bubble, but with inflation rising.

Tim Draper Still Bullish on Bitcoin

Tim Draper, a venture capitalist famous for his early investments in bitcoin, has made his position clear when it comes to the value of bitcoin in the current market situation. In an interview broadcast by CNBC, Draper explained that the importance of bitcoin in a downturn in the crypto and fiat markets, has to do with its inflation-hedge traits.

Draper told CNBC:

I’m still a bull on Bitcoin because it’s a great hedge against inflation, and as speculators leave, it’s going to be different from tech stocks. I think technology stocks will continue to fall as long as interest rates continue to rise.

He broadened his view of bitcoin as an inflation hedge, stating that this feature of the currency can only be appreciated in the long term, and also noting that it provides a safe haven against poor management and too much regulation.

Advantages of Bitcoin and Over-Regulation

Draper – who invested in Bitcoin first via a roughly $30,000 Bitcoin auction organized by the US Marshals Service in 2014 – believes that Bitcoin has a place in the future as an alternative financing system separate from the fiat world.

About this, Draper stated:

I am free to move bitcoin around the world and have the trust of hundreds of thousands of miners who monitor the blockchain. There will be a moment when I can buy my food, clothes and shelter with bitcoin, and there will be no need for fiat currency controlled by governments and banks.

The venture capital also believes that even with all the problems that bitcoin investments in El Salvador are causing, it has spurred a wave of innovation that has made companies in this sector move to El Salvador due to crypto-friendly policies and regulations. he completed:

All innovators go there because our government is overregulating and so we lose innovation because we have too much regulation.

What do you think of Tim Draper’s comments on Bitcoin? Tell us in the comments section below.

Sergio Goshchenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as a latecomer, he entered the crypto space when the price spike occurred during December 2017. Because he has a background in computer engineering, lives in Venezuela, and is influenced by the crypto boom on a social level, he offers a different perspective on the success of crypto and how it helps people who They do not deal with banks and the disadvantaged.

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