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Title: 2015-08-26 BM: Tim Draper Speaks on Stock Crisis “I Expect People to Run to btc" Post by: DavidBAL on August 26, 2015, 10:34:05 PM https://bitcoinmagazine.com/21722/tim-draper-speaks-global-equity-turmoil-expect-people-run-bitcoin-way-gold/
Tim Draper Speaks on Global Equity Turmoil: “I Expect People to Run to Bitcoin the Way They Do to Gold.” Title: Re: 2015-08-26 BM: Tim Draper Speaks on Stock Crisis “I Expect People to Run to btc" Post by: aso118 on August 27, 2015, 01:14:56 AM The headline leaves out an important portion of Tim's quote.
When bitcoin is mature, I expect people to run to bitcoin the way they do to gold when the market gets scary, So he doesn't expect BTC to benefit from the current stock crisis. Title: Re: 2015-08-26 BM: Tim Draper Speaks on Stock Crisis “I Expect People to Run to btc" Post by: RustyNomad on August 27, 2015, 06:07:07 AM Some very postive statements from him on Bitcoin.
Posted last night that I also think adoption will start to grow in early half of next year due to current volatility and uncertainty in the world's stock markets. Quote “I expect this phenomenon to turn around in about 6 months as use cases become apparent,” Draper went on to say. Due to the understood finite supply of bitcoin—there will only ever be 21 million coins released—as usage increases and the supply stays relatively constant, the only place for the price to go is up. As the price goes up, investors will potentially see bitcoin as a functioning store of value, which will perpetuate its value. Could not agree more on that last part. With a limited supply the price has but one way to go and even more so once bitcoin is seen as a store of value. Once that happens people will flock to it. Title: Re: 2015-08-26 BM: Tim Draper Speaks on Stock Crisis “I Expect People to Run to btc" Post by: Kakmakr on August 27, 2015, 06:16:37 AM The important part for this to happen is this :
" For bitcoin to be considered an efficient store of value, the price of it would need to start rising and stay relatively consistent rather than having significant volatility. " Yes it's price did rise from nearly zero in the early days to where it's now at $200+ but the current investors did not come in at that price. They start investment now, and the price volatility will scare them off now. The Willy bot peak of $1000+ was a once off bubble, and we will not see that happening soon. We need a slow and steady increase of the price in the long term. ^hmf^ |