A A recent social media postThe legendary venture capitalist Tim Draper has predicted that Bitcoin could go infinitely to the US dollar.
According to the American billionaire, this may happen in hyperinflation.
Draper recalled how the Confederation dollar lost virtually all its value during the Civil War.
“Greybackil” was originally the same value as the US dollar. However, the Government of the Confederation was forced to print a huge amount of money to preserve its military efforts. As a result, the Confederation Dollar quickly lost its purchasing power because he had no international support.
People desperately tried to maintain their wealth by switching dollars for something tangible for hyperinflation. Gold became so popular that no one was willing to sell it. By the end of the war, it is assumed to be $ 50 for a soap bar.
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Draper has noted that the US Dollar Sex (DXY) is the worst beginning of 40 years of history. He believes that it may fall much further due to the escalation of geopolitical tensions.
“And if the geopolitical tensions escalate to the extreme level, faith in the dollar may fall much further,” he said.
According to Draper, Bitcoin could act as a hedge in the actual crisis.
“So when the system breaks down, you don't want to be the one who clings out of the bank to withdraw cash or collect gold in your room. You want enough bitcoin to keep you and your family over six months to a year,” he stressed.
Draper before predictable That the price of bitcoin can rise to $ 3 million.
