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There is no doubt that some light was pointed on the controversial crypto world during the just concluded SkyBridge Alternatives (SALT) conference held in Las Vegas. And, as usual, there were two competing categories of people at the conference: those who are bullish on crypto and those who do not see any future for cryptocurrency like Nouriel Roubini (AKA Dr. Doom).
At the conference, an interview with Tim Draper, one of the founding partners of Draper Associates, revealed that he is one of the many prominent financial figures who believe in Bitcoin, which is not really surprising when considering that just recently Draper became interested in Facebook’s crypto project. Draper told Liz Claman of Fox Business that the world’s largest cryptocurrency is not just having a bounce back, but it is also on its way to bolstering its own relatively significant global market share.
In the interview, which was held on Thursday during the SALT conference in Las Vegas, Draper made it known that he is strongly bullish on Bitcoin. He stated, without mincing words, that Bitcoin will be worth a total of 5% of global market share in about four years time.
Draper, who has been publicly pro-crypto since 2014, explained that Bitcoin is a better currency because it is decentralized and highly transparent. Unlike other currencies, everybody knows what happens on the Bitcoin lockchain, he stressed further.
In conclusion, Draper revealed his intention of creating a fund with blockchain as the underpinning technology. He emphasized that his goal is to use blockchain technology to eliminate the cost of bookkeeping and accounting.
All signs indicate that the crypto coin is on its way up. It is currently trading above $7,000 – a huge rise from its market price of late last year. Nonetheless, the most famous cryptocurrency will need a few years to gather momentum like Draper rightly stated. Maybe four years or five years; however, it certainly shows signs that it is here to stay.
It will be recalled that previously in the SALT conference there was also a heated debate between Roubini and Micheal Novogratz, former manager of a hedge fund, on the topic of whether or not Bitcoin and other cryptocurrencies have a future. While Roubini maintained that Bitcoin has no value and that it is the ‘mother and father of all bubbles,’ Novogratz argued that Bitcoin is regaining some momentum and would bounce back in no time.
Let us know where you stand: with Draper or Dr. Doom?