Investment mogul and one of Bitcoin’s biggest bulls Tim Draper still remains confident that a long-term upward trend will come soon.
During the Crypto Invest Summit in Los Angeles, the investor billionaire Tim Draper said that he still stands by his bitcoin price target of $250,000 for 2022. Draper, who is famously upbeat about bitcoin’s future, said that he sticks to his earlier prediction, especially because Bitcoin lacks most of the characteristics of fiat money, which is controlled by governments.
“So right now, there’s $86 trillion of political currency. They call it ‘fiat’ currency, but it’s political. And I believe that that currency will slowly be eaten up by a better currency which is global, decentralized, and frictionless. It’s just a better currency. Bitcoin’s a better currency. And I think Bitcoin will be one of five cryptocurrencies,” he said.
When asked about the regulatory approach in the US pursued by the SEC, Draper understands how important their decision will be for the crypto industry. In his opinion, the last thing the SEC would do is to follow the decisions that China has made.
“I think the SEC is torn and I think it’s it’s okay because they’re torn between like going after the fraudsters who are taking advantage of the elderly, and making sure that all that technology does stay in the US. They know that it’s a competitive world out there.”
Draper believes the best way for the SEC to handle this would be with a “light touch” that can help new investors take a simpler approach when entering the market. He even went as far as to say that the legislation should be a “one-page document” that specifically describes the process of establishing an ICO and registration.
According to Draper, cryptocurrency and blockchain technology will do more than devour the value of the traditional currency. He believes that they also offer a trans-formative opportunity to change the way governments around the world do business.
You can see the entire interview here: