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Venture capitalist Tim Draper reiterated his strong belief in the growing influence of the Bitcoin (CRYPTO: BTC) network, suggesting that it will replace traditional banking and government systems.
Draper took to X, sharing his recent interview on the Founders Room Podcast, in which he talked about the increasing dominance of Bitcoin in the blockchain space.
“I think there’s a gravitational pull back toward Bitcoin…all the great engineers in blockchain are building on the Bitcoin blockchain,” the billionaire investor said.
“It is replacing one of the biggest, laziest bureaucracies there are, which is banking and partly government,” he said, describing Bitcoin as a “huge” industry.
Draper, one of the early investors in Bitcoin, revealed he conducted extensive “diligence” on how people were using the apex cryptocurrency.
“I read the white paper and I went, oh boy, this is huge,” he said.
Draper also highlighted Bitcoin’s role in bringing unbanked individuals into the global economy and enabling international money transfers with minimal friction.
Draper’s comments echo his previous assertions about Bitcoin’s potential as a hedge against bad governance. In August, he stated that Bitcoin is an alternative that allows people to deal with significant changes in government policies over time.
He predicted earlier in the year that Bitcoin would hit $250,000 by the end of 2025 and become the dominant currency of the world.
Draper’s venture capital firm, Draper Associates, owns investments in Bitcoin and cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN), according to the company's website.
Meanwhile, Bitcoin entered a consolidation phase after a period of sharp volatility that sent it tumbling below $100,000. The world’s leading cryptocurrency was down 18% from its record highs set last month.
Price Action: At the time of writing, BTC was exchanging hands at $103,095.48, down 1.66% in the last 24 hours, according to data from Benzinga Pro.
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