Billionaire Draper Doubles Down on Bullish Outlook for Bitcoin, Sends Message to Naysayers
Billionaire Tim Draper has taken to X to remind market onlookers of his position on unconventional emerging technologies like artificial intelligence and cryptocurrencies.
The head of Draper Associates recalls how his firm made a big bet on Bitcoin at a time when traditional market players were still largely skeptical.
We were among the first to believe in Bitcoin at Draper Associates, and weve continued betting on the next generation of groundbreaking ideas since. Yes, were still big on crypto but industry-agnostic by design. If its unconventional and world-shifting were in. He wrote.
His assertion comes as Bitcoin corrects upwards, reclaiming the $83,529 price mark. Despite the escalating U.S.-China trade wars, the asset has successfully cleared weekly losses.
Market players have remarked that the rebound is crucial for Bitcoin to retest previous support levels, turned resistance, at $94,500, according to the MVRV extreme deviation pricing bands indicator.
Draper, a crypto and Bitcoin believer, reminded the market of Bitcoins early stages, implying that a notable change has occurred over the past few years, with skepticism dying down and adoption increasing globally.
Once upon a time, crypto had more than its fair share of doubters. The same goes for AI, self-driving cars, and numerous technologies that are now becoming commonplace. Today its Waymo, tomorrow its woolly mammoths. He added.
The billionaire, who reported making $89 million from his 5-year Bitcoin investments in 2021, has reinforced his trust in the leading cryptocurrency with bold price forecasts.
After successfully predicting that Bitcoin would hit the $10,000 price mark in 2014, Draper made another bold call in November of 2024, asserting that a standard supply and demand curve could send Bitcoin to $250,000 in 2025.
Text source: ZyCrypto
