Bitcoin investor and supporter Tim Draper went to CNBC's Squawk Alley program on February 24. When questioned by the falls of the traditional market, Draper says he has been “out of the market for six months”, explaining that he is focused on Bitcoin.

During the interview, the investor maintains his prediction that Bitcoin will reach $ 250,000 in 2023, states that it is natural for people to migrate to Bitcoin and explains why Warren Buffett does not like cryptocurrencies.

Steady in forecasting

Draper says he is steadfast in his prediction about Bitcoin reaching $ 250,000 by the beginning of 2023, saying the transition to Bitcoin will be natural as scalability issues are resolved. He exemplifies:

“There will be a time when people will ask themselves: do I pay 2.5% to 4% every time I swipe a credit card, or use this currency that is global, frictionless, transparent, open and not tied to forces policies? At some point people will make that change and Bitcoin will be the big winner. […] People migrate to what is best. ”

The presenter is curious and asks Draper about how much he has in Bitcoin. The investor keeps saying “a lot”, but does not give any numbers.

"Of course, he won't like it"

After Draper said he believes in Bitcoin's potential decentralization in creating a new world, one of the presenters shows a video of the legendary investor Warren Buffett to the Bitcoin defender. In the video, Buffett once again supports his usual speech, saying that cryptocurrencies do not generate any value.

Draper explains, after a laugh:

"That's hilarious. About his possessions, 50% of what he has is in banks and insurance companies, and they are not going to do well in this new decentralized economy. Of course, he won't like it, they are a threat to his possessions. Of course, he won't want that coin. ”

The investor also explains that, during the next 10 years, things will change a lot. In this new scenario, banks and insurance companies will not be in good shape to compete with innovations.

Draper concludes the Bitcoin conversation by stating:

"If you offer any young person $ 10,000 or Bitcoin, they'll accept Bitcoin."

Read also: Warren Buffett denies having received Bitcoin at dinner with Justin Sun


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