Tim Draper said that the whole world will eventually join bitcoin

The US Fed raised its key rate to 5.25–5.5% per annum. At the same time, the financial market reacted rather reservedly to the regulator’s initiative, adding less than 1%.

According to CoinGecko, the rates of the largest cryptocurrencies by capitalization, including bitcoin, also did not show significant changes. The total capitalization of the digital asset market increased by 0.7%.

Fundstrat analysts believe that the value of the main crypto coin could rise to $180,000 by mid-spring 2024. Experts suggested that the BTC rate could increase by 521% before the halving planned for April next year. The appearance of a spot ETF for bitcoin can significantly increase the popularity of the main digital asset.

“We expect the Bitcoin ETF to attract new investors and create increased demand for BTC,” Fundstrat said.

The company’s analysts also expressed the opinion that bitcoin spot ETFs can overshadow the precious metals market, which reaches almost $230 billion. In the future, the BTC spot ETF market could reach $300 billion, experts are sure.

Meanwhile, Tim Draper believes that the main cryptocurrency can become a serious competitor to banking platforms and fiat, which is under the control of the authorities. The venture capitalist noted that BTC’s position is strengthening against the backdrop of a huge number of other digital assets.

Draper compared bitcoin to the rise of the internet, which is now a commonplace tool, and the investor says the same is in store for BTC. Draper is sure that soon it will be possible to buy food, clothes and housing for the main crypto coin.

“We are in one of the most exciting decades because we have bitcoin, which is changing the commercial landscape. People don’t need guidance from banks and governments on what kind of currency should be considered good. Bitcoin is a more advanced and secure technology, there are hundreds of thousands of nodes that make sure that the transaction is completed correctly. Eventually the whole world will join bitcoin,” Draper said.