'Gold Is Dead, Bitcoin Moves,' Billionaire Tim Draper Says
Analysis
Price Impact
MedTim draper's statement, while influential, is countered by arguments about gold's recent performance and bitcoin's safe-haven status, leading to a medium impact.
Trustworthiness
MedTim draper is a known bitcoin proponent, so his opinion is biased. however, his past predictions have not always been accurate.
Price Direction
BullishDraper's statement promotes bitcoin as a superior alternative to gold, potentially attracting investors and driving the price up. also, he has high expectations on btc price.
Time Effect
ShortThe immediate effect might be a slight increase in buying pressure, but the long-term impact depends on market sentiment and broader economic factors.
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Article Content:
Cover image via www.flickr.com Read U.TODAY on Google News Legendary venture capitalist Tim Draper has taken to social media to declare that gold is dead. "It just sits there. Bitcoin moves," he said. Advertisement He has added that Bitcoin is "borderless," permissionless," and "programmable." Bitcoin can be used for making run-of-the-mill purchases, which is impossible with gold, according to Draper. HOT Stories 'Gold Is Dead, Bitcoin Moves,' Billionaire Tim Draper Says 76 Million RLUSD Tokens Supplied in Just Days on Aave New Satoshi Nakamoto Statue Hits Japan Just as Bitcoin Price Reaches $95,000 Swiss National Bank Head Rejects Bitcoin "You can’t buy coffee with gold. But with Bitcoin, you can — without banks, inflation, or friction," the billionaire opined. Advertisement However, some social media users were quick to point out that gold has substantially outperformed Bitcoin in 2025. The yellow metal is up more than 20% on a year-to-date basis while its digital rival remains basically flat. Related Thu, 05/16/2024 - 15:32 Billionaire Friedland Slams Bitcoin's Energy Use Alex Dovbnya Gold has benefited from the tariff-induced economic turmoil, surging above $3,500 per ounce for the first time this week. Meanwhile, there are still debates about whether Bitcoin can actually qualify as a safe-haven asset. As reported by U.Today, Canadian billionaire Frank Giustra recently opined that Bitcoin should not be compared to gold since it performs different functions. Echoing the criticism of the likes of controversial financial commentator Peter Schiff, he has dismissed the leading cryptocurrency as "pure speculation." As reported by U.Today , Draper, a longtime Bitcoin investor, predicted that the price of the cryptocurrency could skyrocket to $3 million if it becomes the dominant currency. The venture capitalist previously forecasted that Bitcoin would hit $250,000 by the end of 2022. He later revised the uber-bullish price call in 2023, predicting that the leading cryptocurrency would eventually be able to reach the aforementioned price milestone by mid-2025 (which, again, seems extremely unlikely). #Bitcoin News #Gold Price