Tim Draper, a VC known for his permanently bullish position on Bitcoin [BTC], recently appeared in an interview to speak about the reason why Bitcoin was unable to break the $6500 mark. Notably, the price of Bitcoin has not seen much movement in the past few weeks.
When asked about why the presence of good news in the cryptocurrency market did not see the price moving above set resistances, Draper said that this was a “transformation” that is going to happen over the next 4 or 5 years. He said to CNBC CryptoTrader:
“There’s no reason we’re going to be using political currency again because we’re gonna be able to use cryptocurrency. It’s so much better it’s decentralized, it’s frictionless. It’s just better. I do think that Bakkt may actually give a little bit of a boost.”
Bakkt is a cash-settled futures contract offered by the InterContinental Exchange, the parent company of the New York Stock Exchange. It is set to be launched on 12th December and is generally considered to be a landmark moment for Bitcoin.
When asked about the decentralized property of Bitcoin and its adoption by centralized structures such as ICE and other prominent hedge funds, Draper called the coin “free, open and honest”, reiterating the fact that it is not tied to a political force. He stated:
“These are bridges toward a world where we are you know where we almost are watching borders dissolve. The world kind of opens up. We have a vision of the future, it’s a very great vision. The world will look entirely different in the future.”
Draper likened governments to companies competing for customers in the cryptocurrency space, illustrating the analogy with events such as China outlawing cryptocurrency and Japan taking a hands-on approach to regulating the space. He stated:
“Governments are like companies competing for us.I believe we’re getting rid of fiefdoms and I think we’re getting rid of the tribal instincts. We’re now realizing that it’s not us against them anymore.”
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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.