Venture Capitalist Draper: Altcoins Could Supercharge Bitcoin’s Future
Altcoins, according to Tim Draper, a venture capitalist and founding partner of Draper Associates, could eventually improve Bitcoin by serving as test sites for new features. Draper stated that numerous additional cryptocurrencies will be developed over time, contributing to Bitcoin’s rise to prominence, in an appearance on CNBC’s Squawk Box on Monday. According to him, the strongest network is created over time by the dominant supplier, which leads to developers creating programs for them.
Competition is good for the world, but as a percentage of all cryptocurrencies, Bitcoin, with the first boom, they had a 40% market share, with the next boom, they had 50% market share, and now the market share is running around 61 to 62%,
Draper
Draper Compares Bitcoin to Microsoft’s Early Dominance in Tech
Draper claimed that because the majority of developers were developing on Microsoft when it initially launched, a similar scenario occurred with that company. Some apps, though, were developed elsewhere and subsequently ported. With more than 71% of the market for its Windows operating system, Microsoft is regarded as one of the leading computer companies in the world.
Well, the same thing is happening now with Bitcoin. All of these smaller cryptocurrencies are experimenting and doing interesting things and all of the great engineers are porting those to Bitcoin and so there is a gravitational pull toward Bitcoin. There are other currencies that will come up as flashes in the pan but I think overall, we’re in a major trend toward Bitcoin.
Draper
Draper Highlights Bitcoin’s Strategic Role
Draper also reaffirmed his belief that Bitcoin is a safeguard against poor leadership and excessive government expenditure. Government expenditure has become out of hand, according to Draper, as spending as a share of GDP has increased dramatically over the past century. He pointed out that there is no indication that this trend will abate. The Treasury Department estimates that over the past 100 years, the US national debt has increased from $395 billion in 1924 to nearly $37.2 trillion in 2025. The debt has been increasing annually.
You’re only hedge against that kind of government spending is Bitcoin, unless you want to hold gold, which is like holding onto shells. It’s like being prehistoric in your thinking about the economy. Bitcoin is your alternative that allows you to deal with the major changes that are happening in government policies over time.
Draper
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