Red November has been a tough month on Bitcoin [BTC] and every other cryptocurrency in the ecosystem, with most of them losing 30% or more in a week following Bitcoin’s lead.
Tim Draper, a prominent VC spoke about Bitcoin’s price action and future adoption, while Peter Brandt spoke about capitulation in the Bitcoin market.
Tim Draper stood by his prediction of $250,000 by the end of 2022 and substantiated it by saying that cryptocurrencies would get mainstream attraction and people would shift from fiat to cryptocurrencies. He predicted that “cryptocurrencies will make up two-thirds of the world’s currency value”.
“That’s the way it’s going to move. And so the countries that are forward thinking are saying, this is the way it’s going to be. So we’re going to make a huge mistake by trying to cling to our old currency. And that’s why you’re seeing the smaller countries all say, ‘yeah, we want bitcoin, we want initial coin offerings (ICOs) here, we want blockchain. We want all of these things in our country.’”
Draper argued that it won’t be long before there is a balance between fiat and cryptocurrencies and there would come a time where it would be easier to spend and invest Bitcoin than dollars.
“I tend to move my dollars into bitcoin, because I think, well, why would I want this currency that’s tied to some political force when I have a currency that is going to be frictionless and global? I would much rather have a global currency than one that is sort of tied to a political force.”
Peter Brandt, a well-known analyst, and trader referred to the current scenario of Bitcoin and how people are going into FUD and panic mode and selling their holdings in cryptocurrencies.
“Bitcoin is entering the stage of its life cycle when stale and weak money capitulates and strong hands accumulate strategically.”
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