The cryptocurrency community is in low spirits due to Bitcoin's recent drop to the $7,000 level. Still, Alistair Milne, the CIO of Altana Digital Currency Fund, says that he continue stacking stats despite selling pressure.
In 2015 everyone was mocking @TimDraper for buying Bitcoin at auction for ~$600— Alistair Milne (@alistairmilne) November 26, 2019
... the same people are laughing at HODL'ers accumulating before the next halving
I bought more yesterday
Milne recalls how everyone mocked legendary venture capitalist Tim Draper for buying nearly 30,000 BTC auctioned off by the U.S. Marshals Service back in 2014 at $600. A year later, the Bitcoin price went downhill, plunging to nearly $200 back in May 2015.
However, Draper ended up getting the last laugh when Bitcoin surged to a whopping $20,000 in December 2017. Back in 2014, he predicted that the coin could end up in the five-digit territory in three years, also mentioning that the forecast could even be pessimistic. He was eerily spot-on.
In 2019, the 61-year-old investor predicted that the top coin might hit $250,000 in 2022, which seems like an unrealistic target. However, if history is any guide, the next Bitcoin halvening might prove Draper right once again.
After all, the cryptocurrency industry is still in its nascency, and Bitcoin currently represents only a modicum of gold's $7 bln market cap.