Despite a recent dip, bitcoin has been building its staying power, according to Draper Associates founder Tim Draper, who says the asset is distinguishing itself from other cryptocurrencies.
"I think we are going to see bitcoin rise above the other cryptos," Draper told FOX Business' "The Claman Countdown" in an interview this week.
"Having a bank and government decide on what currency is good is not as effective as having a bitcoin where there is a trusted third party, which are hundreds of thousands of nodes making sure the transaction was done properly."
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The price of bitcoin has hovered between $29,000 and $30,000 levels in 2023 and has gained roughly 76% over the past year.
"It’s just better, safer technology, and I think eventually the rest of world will come on board," Draper added.
BITCOIN ON ROAD TO $120,000 BY END OF 2024
In early July, analysts at Standard Chartered said bitcoin could reach $50,000 this year and $120,000 by the end of 2024 as crypto miners begin stockpiling the digital asset.
The British bank previously forecasted bitcoin would reach the $100,000 mark by the end of next year, but now Standard Chartered analyst Geoff Kendrick said there is a 20% "upside" to the original prediction.
Draper said because bitcoin was first on the market and the most actively traded cryptocurrency, it "will be the one everyone flies to when you can buy your food, clothing and shelter."
"Bitcoin is accepted all over the world, and it is just an amount of time that retailers recognize they can save 2% by accepting bitcoin," he added. "They don’t need to pay banks and the credit card manufacturers."
BLACKROCK FILES FOR BITCOIN ETF WITH SEC
In June, BlackRock filed for a bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).
According to an SEC filing and despite the U.S. regulator not approving any applications for spot bitcoin ETFs to date, BlackRock's iShares Bitcoin Trust will use Coinbase Custody as its custodian.
"Bitcoin is transforming the way currency and commerce is done," Draper said.
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"Through AI and crypto, legal, accounting and movement of currency can be done automatically and doesn’t require an auditor, accountant or lawyers. Taxes can be paid in Bitcoin. It can be automatic."