Tim Draper, the founder of the Draper Fisher Jurvetson and a well-known venture capitalist investor, has a very optimistic viewpoint about Bitcoin. The California born financial mogul has been talking about his buying experience of the digital currency as he reminisced that he initially planned to buy only one or two lot of the Bitcoin in an auction. But then, later on, he ended up buying all the lots available for the purchase. Draper dwelt on the past and remembered that even after buying so many Bitcoin, he felt quite good after buying all digital coins.
Up and Down Market Scenario
The more important thing that Draper emphasized was even when the bears took the market and price of currency plummeted unexpectedly low; he was not unnerved by the development. The reason behind the unshakable faith of the Draper is his strong conviction that Bitcoin is a far better currency than all the available forms of money in the market. Thanks to the decentralized and digital form of Bitcoin, it can be used to make a purchase across the borders without any limitation of regulatory and financial constraints that most of the conventional currencies come with. According to the words of the Draper, he knew the real potential of Bitcoin and that provided him the confidence that this drop in the valuation of Bitcoin would eventually fade away. Draper continued to build on Bitcoin accumulation and at the end of the day, Draper expressed happiness and confidence in his decision to stick to the largest cryptocurrency by market capitalization.
Insights for Traders and Investors
Insights into the process of buying Bitcoin and holding it by Draper have very important implications for all the investors across the globe. From the investment strategy of the Draper, it can be clearly ascertained that investment in the Bitcoin should be considered in the long term and you shouldn’t be any hurry in order to make huge investment returns on Bitcoin. Like any other mature investment strategy, you need to learn the skill for the trading while choosing the right kind of a trading partner such as Bitcoin Revolution. To know more check Bitcoin Revolution Review. Further, Draper continues to hold on to the Bitcoin and this is a wise move given the long term potential of digital currencies across the globe.
Conclusion
Especially in the wake of the current endemic, we are facing in terms of a Coronavirus, the relevance and utility of cryptocurrency have reached a new high. We are aware of how the physical currency notes are also becoming a medium for the spread of the disease and it is quite costly for the governments and Central banks to disinfect the bank notes just to make sure that currency won’t spread the virus further. In such a scenario, more and more people are switching from the physical currency to the digital currency, which is expected to provide for the momentum to the adoption of Bitcoin. Eventually, the wider adoption will lead to an increase in the valuation of Bitcoin, which is ultimately a desirable propagation for one and all.