Massive consolidation of cryptotechnology comes to Bitcoin

27/12/2023
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Billionaire Tim Draper is reviewing his take on Bitcoin (BTC) and said the massive consolidation of cryptotechnology is coming to the flagship digital asset. In a new interview with Coin Bureau, the venture capitalist compares BTC to Microsoft and said it will act as the main platform for developers within the industry to launch new technologies, effectively consolidating use cases for crypto.

Moreover, just as Microsoft created programmes like Word and Excel, Draper imagines that BTC developers will eventually create versions of the more popular technologies released through other crypto protocols. He said:

"What happened with Microsoft was that it was a platform and they let people do all kinds of things, and then they chose the things that really mattered. So I see more or less the same thing happening with Bitcoin as a platform.

Of course a lot of the experimentation took place on Ethereum, Solana, Tezos and whatever, but now people are saying 'OK, so NFTs (non-replaceable tokens) are important, so we're going to make ordinals on Bitcoin. Oh, okay, so DeFi (decentralised finance) is important, [so] we're going to have DeFi on Bitcoin. Okay, smart contracts are important [so] we're going to move smart contracts to Bitcoin.

I think that's happening, and I think there's starting to be a bit of consolidation around Bitcoin as a platform."

Draper went on to say that he believes the top crypto asset in terms of market will reach the $250,000 price level by 2024. He also noted that he thinks once BTC reaches $250,000, it will continue to rise, although he did not specify where it will eventually land.

Bitcoin is trading at $43,850 at the time of writing, up slightly over the past 24 hours. A rise to Draper's target would indicate an increase of about 470%.

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