BTC Wires

What Does Tim Draper Feel About The OpenNode?

Tim Draper a billionaire venture capitalist has predicted that OpenNode, a multi-layered, Lightning Network (LN)-enabled Bitcoin (BTC) payment processing platform, will have widespread adoption in the very near future.

Draper who is an electrical engineering graduate from Stanford University is of the opinion that Bitcoin network will be able to compete with more established payment gateways, including those established by the VISA network.

When questioned about whether people are more focused on developing products during the bear market Draper when asked if confirmed that many companies have been building various crypto-related solutions in order to make it easier “to move Bitcoin around.”

Draper also said that a lot of people are already using them right now. But he also explained that Bitcoin’s market value has not yet been established yet, which is why the pseudonymous cryptocurrency’s price has been fluctuating quite a lot.

Draper, when asked if he considers altcoins to be good investments, said that they were the “the ones that are going to be around for a long time, [they’re already] rising to the top” (in terms of market capitalization. He added that this is something ”we’re seeing right now and there are some [altcoins] out there that are still going through the process of being developed. They’re going to have a big impact on the world’s [economy.]”

Going on to mention that when his firm, , supported the launch of Tezos (XTZ) and Bancor (BNT), those were “huge offerings.”

He, while speaking about his own firm,  Draper Associates, went on to point out that the “great entrepreneurs of the world are those that rise to the occasion. When the chips are down, they continue to” stay focused and work on their projects.
He also said,

What would you use gold for when you can store value with Bitcoin? It’s complete nonsense. But I’m sure a lot of people still use it and they think of the gold standard as like the good coin. But I look at it, and I say, you’re comparing Bitcoin to gold?

Draper assessed that, people will eventually begin spending their Bitcoin holdings when its fair value has been established. He also confirmed that he’s sticking to his $250,000 Bitcoin price prediction by 2022-2023 and that this is not unrealistic as the world’s most dominant cryptocurrency would still only account for 5% of the world’s GDP at this price.