Billionaires Betting Big on Bitcoin and Why You Should Too

Cryptocurrency is a level playing field in which one can find people of all sorts.

11:26 26 November 2021

It is a myth that the cryptocurrency field is a realm of the filthy rich. But the reality is it’s a level playing field in which one can find people of all sorts, right from some of the most ambitious entrepreneurs of the fintech space to billionaires who’ve a ton of money at their disposal ready to invest into bitcoin either directly or through their institutions. In this article, we will be taking a look at what some of the billionaires have to say about bitcoin and its prospects. 

 

Elon Musk, Backer of the Crypto Space

Elon Musk wears a lot of hats: a space explorer pushing new boundaries in commercial space travel, a transport revolutionary dominating electric cars and experimenting with hyperloops, and an ardent digital currency advocate. Being such an influential figure in the world of tech, Musk’s outlook towards cryptocurrencies have been positive although he’s been critical about how certain technical aspects of crypto trading and investing could change for the better.

 

He made his allegiance to cryptocurrencies clear for everyone to see, when he claimed his company Tesla would start accepting Bitcoin payments paving a new way for cryptocurrencies to become mainstream. Him tweeting that day was all the impetus that Bitcoin needed to push on and surge ahead in its recent breakneck rally. In fact, one of the key reasons why Bitcoin is enjoying the kind of popularity it is (enjoying) right now is the man himself. Musk’s tweets have proven to be more than powerful to move the needle of currencies like Bitcoin, Dogecoin etc. In several instances the broader crypto markets have gone on to make new highs with him tweeting positively about his holdings in a particular crypto. There have been instances in which his tweets with negative sentiments triggered a widespread sell-off, too. Musk’s relationship with cryptos has been sort of blow-hot-blow-cold, but Bitcoin and Dogecoin have the tech whiz to thank for winning over cynics who had their own reservations about the prospects of crypto earlier. 

 

Tim Draper, the Bitcoin Proponent

Billionaire investor Tim Draper has been successful with his investments whether it be a free web-based email solution in Hotmail or an industry-defining car maker in Tesla or a paradigm-shifting space mission company in SpaceX. His knack for picking successful businesses now extends to choosing cryptocurrencies as well. A few years ago, Draper scooped up almost 30000 Bitcoin at the United States Marshall sale for a modest $640 per unit, winning all the 9 lots he applied for. Go on, just do the math: that amounts to over $2 billion today. It turns out he needed that fluke just to make things even after lady luck eluded him when he lost over 40,000 Bitcoin during the Mt Gox fiasco which saw a huge security breach that wiped away almost 8,50,000 coins and reduced to price of bitcoin to a paltry sum in that exchange sending a large number of investors scurrying for cover. Props to Draper for taking a bullish stance on all things Bitcoin even after such a huge setback. 

 

Draper’s outlook towards digital assets and cryptocurrencies has always been positive. And he’s now reaping the rewards for it. But the Bitcoin advocate thinks things are looking up now with investment flowing into Bitcoin from all sides. He reckons Bitcoin will soar up to $250k by the end of 2022, a prediction which comes across as being a little over the top to even the firm believers out there. Draper has a bit of history forecasting where Bitcoin could go, having successfully predicted that Bitcoin could reach $10000 in 2018. There’s always a buzz around his forecast and his latest prediction might come true too as a lot of people believe that the digital coin could surpass six digits soon and end up hitting the $250k mark too but the timeframe seems a touch unlikely.

 

Early Backers

The technology underpinning Bitcoin and the larger crypto pack is what caught the attention of early investors. Some of them include the Facebook fame Winklevoss brothers, Chamath Palihapitiya again from the Facebook ecosystem. Reports claimed that they both picked up around 100000 Bitcoin tokens a few years ago, although the current size of their holdings is anybody’s guess. They had in their elite company of Bitcoin investors people like Peter Thiel, the man who founded Paypal. It’s just a small list of people who have been and still are vocal bulls of the Bitcoin space. They were kind of smart to see where the puck was going and lapped up the opportunity to go all in when it presented itself.

 

The Bitcoin is still running a bit hot from its recent breakneck rally and the current price of a token might suggest that you’re a bit late to the party. Don’t lose heart. Bitcoin and other currencies like Ethereum have a long runway ahead of itself. And if smart minds like Tim Draper are anything to go by, it’s just gearing up for its next rise to $250k. If you aspire to be the next bitcoin billionaire but you’re still not quite sure how to get your bitcoin journey underway, check out this website which is powered by an superior algorithm that alerts you on the best time to enter and exit the market and generates timely signals for you to take action on and profit from. A lot of investors and traders are turning to this crypto website for guidance and for navigating the uncertainties of a highly volatile crypto market and have been successful at it. Get on board the bandwagon, buckle up and enjoy the ride. It might be a little rough and wild at times. But it would be well worth it in the end.