Tim Draper: Bitcoin will eventually save the day once Coronavirus crisis is over, we should buy Bitcoin or Gold?
With the number of patients suffering from Coronavirus growing at breakneck speed, the future of Bitcoin is also uncertain. While markets continue to rise and central banks are working to coordinate to reduce monetary conditions, cryptocurrencies cannot act as a hedge against this chaos. Even so, Tim Draper, the billionaire investor, still believes Bitcoin will save this world …
Entertainment for while you are holed up. When the world comes back, it will be Bitcoin, not banks and governments that save the day. https://t.co/ChEQ70CcKL
— Tim Draper (@TimDraper) March 16, 2020
Bitcoin itself will be able to save the day once this crisis is over
Tim Draper is famous for predicting BTC price will likely soar to $ 250,000 by 2023 – after it has captured 5% of the currency market. While Bitcoin is currently just over $ 5,000 – so this prediction seems unrealistic. But, Draper believes that BTC will do the same feat three years ago, in 2017.
In a recent interview, Draper described how BTC could change the insurance industry as follows:
“For example, I could start an insurance company with an actuary AI to determine fraud and a smart contract with Bitcoin and put it all on the Blockchain.”
On March 14, Draper criticized world governments for their approach to dealing with Coronavirus. Italy, France, and many other countries are locked with all indispensable businesses being closed. The billionaire explained that more people could die from an economic collapse than from a real virus. And at this time, Bitcoin, not banks or governments, will be able to save the day once this crisis is over.
The fear is far worse than the virus. The governments have it wrong. Stay open for business. If not, so many more people will die from a crashing economy than from this virus. #corona #dustbowl #food #clothing #shelter
— Tim Draper (@TimDraper) March 14, 2020
Should we buy gold or buy Bitcoin now?
It seems that the keywords ‘Buy the dip,’ ‘Buy Bitcoin,’ is gradually becoming more popular on the Google search engine than the term ‘Buy Gold.’ The level of interest in buying Bitcoin soared more than 200% when the recent carnage was raging.
— f i l ₿ f i l ₿ (@filbfilb) March 16, 2020
Moreover, actual statistics show that on March 13, the Interest Over Time indicator on Google Trends for ‘Buy Bitcoin’ peaked at 100.
Typically, the search level for ‘Buy Bitcoin’ is about half as popular as ‘Buy gold.’ Only once Bitcoin surpassed gold, in terms of search, it was the period when the BTC price surged in December 2017.
Source: Google Trends
However, you must understand that there are no safe-haven assets in the Coronavirus pandemic. Thus, the currently oversold Bitcoin (BTC) may attract skeptical investors due to its price, which is tremendously low these days.
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