Bitcoin has had a dismal fortnight, with 17 percent wiped from the flagship crypto’s value. Bitcoin was valued at £4,917 ($6,282) on November 13 but its price plummeted to £2,849 ($3,640) by November 26, according to CoinDesk.com. But many bitcoin faithful have not been deterred by crypto’s steepest sell-off since April 2013.
Billionaire venture capitalist Tim Draper is one who remains bullish about the future of bitcoin and cryptocurrencies.
Mr Draper recently repeated his belief that bitcoin will eventually hit a $250,000 (£195,787) by 2022.
And he also predicts the global economy will eventually pivot to crypto, potentially making up two-thirds of the world’s currency value.
Mr Draper said: "Down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies – they are frictionless, they cost you less.
“Just by that alone, just that they cost you less, it is going to be better for people.
“And so they are going to move to crypto, and they are going to go away from the political currency – they call it fiat."
"That's the way it's going to move. And so the countries that are forward thinking are saying, this is the way it's going to be.
“So we're going to make a huge mistake by trying to cling to our old currency.
“And that's why you're seeing the smaller countries all say, 'yeah, we want bitcoin, we want initial coin offerings here, we want blockchain.
“We want all of these things in our country.'"
There is an estimated £60trillion in the world’s economy – a £120billion of which exists in various cryptocurrency.
American venture capitalist Tim Draper believes this ratio will eventually switch, because cryptocurrencies are cheaper to operate and are inherently frictionless.
Mr Draper believes the balance of cryptocurrencies to fiat currency – legal tender whose value is backed by the government – will inevitably change and that "soon it will be easier to spend and invest your bitcoin than it is to spend and invest your dollars."
"I tend to move my dollars into bitcoin, because I think, well, why would I want this currency that is tied to some political force when I have a currency that is going to be frictionless and global?
“I would much rather have a global currency than one that is sort of tied to a political force," he added.
After having decreased to about 51 percent at the end of the first week of November, bitcoin dominance — its share market cap percentage in the entire cryptocurrency market – is now back upwards of 53 percent.
This comes amid a time of steep declines, as the market’s forerunner lost almost £783 ($1,000) of its value in the last week alone.