Tim Draper expressed support for Bitcoin following recent price fluctuations and predicts its potential rise to $10 million per coin.
Draper's Predictions on Bitcoin
Tim Draper described Bitcoin as 'valuable everywhere' and framed it as the ultimate hedge against unchecked government spending. He continues to forecast that Bitcoin could reach $10 million per coin, joining other enthusiasts like Michael Saylor, despite previous forecasts that missed their marks.
Current Market Situation of Bitcoin
Despite recent price drops, there is active accumulation in the market. Over $650 million in Bitcoin has been withdrawn from major exchanges in the last 72 hours. According to Glassnode and CryptoQuant, recent sell pressure has mostly come from short-term holders, while long-term wallets remain net positive.
New Legislative Changes and Their Impact
A significant development has been the enactment of the Texas Bitcoin Reserve Act, which mandates that a portion of the state surplus will be held in Bitcoin, managed through a publicly auditable cold storage framework. Analysts expect this to set a precedent for other U.S. states evaluating Bitcoin as a treasury hedge.
Tim Draper's support and recent legislative changes in the U.S. highlight growing confidence in Bitcoin as an asset, despite current market fluctuations.
