Draper: Short Term Bitcoin Investors Making A 'grave mistake'

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Draper: Short Term Bitcoin Investors Making A 'grave mistake'

By Tom Whitbread
March 26th, 2019

Long time Bitcoin advocate Tim Draper has called short term investments in BTC a 'grave mistake' and voiced his overall bullish stance on the markets long term.

During a facebook live session on March 24th, Draper was doing a Q&A with his followers and answered a wide assortment of topics including his program at the Draper University, his book and oppinions on the cryptocurrency markets.

Don't just look at the short-term!

When followers enquired about Drapers view on the political tensions and populism we have seen become so rife in the modern world of late, and how it could affect Bitcoin prices in the near future. Draper replied that he never mistakes short-term price predictions as trading can be heavily influenced by large buy or sell orders.

This makes the market volatile and in turn nullifies the entire validity of short-term predictions.

As the market can swing based purely on buy and sell walls.

Draper has never been one to hold back on making his overall bullish stance on bitcoin be known publicaly. Last year he claimed Bitcoin would trade at over the $250k mark by 2022. 

Draper has stuck to his bullish long-term projection despite the bear market and claimed that Bitcoin will challenge the current financial status quo. For Draper Bitcoin is the future of money and will become a world currency, stating that only criminals would opt to use fiat currency over crypto.

Tim Draper is among some of the earliest Bitcoin advocates, way back in 2014, he purchased 29,656 Bitcoin at auction. The Bitcoin has purchased had been seized by US authorities from the dark web marketplace Silk Road which accepted Bitcoin as a payment method in exchange for illicit contraband goods such as drugs and ammunition.

So are you bullish or bearish on the future of Bitcoin? Leave a vote or speak your mind in the comments below!