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Red November has been a difficult month on Bitcoin [BTC] and any other cryptocurrency in the ecosystem, with most of them losing 30% or more in a week after Bitcoin's guidance.
Tim Draper, a prominent VC spoke of the action on prices and future adoption of Bitcoin, while Peter Brandt spoke about the capitulation in the Bitcoin market.
Tim Draper followed his prediction of $ 250,000 by the end of 2022 and proved it by saying that the cryptocurrencies would attract the main attraction and people would move from fiat to cryptocurrencies. He predicted that "cryptocurrencies will constitute two thirds of the world currency value".
He added:
"This is the way it will move, and so they are saying the countries that are thinking ahead, that's the way it will be, so we'll make a big mistake trying to hold on to our old coin, which is why you're seeing the smallest countries say all, "yes, we want bitcoin, we want the initial coin offerings (ICOs) here, we want blockchain." We want all these things in our country ".
Draper has argued that it will not be long before there is a balance between fiat and cryptocurrencies and that there will come a time when it would be easier to spend and invest in Bitcoin than in dollars.
Draper continued:
"I tend to shift my dollars into bitcoins, because I think, well, why should I want this currency that is tied to some political forces when I have a currency that will be frictionless and global? I would rather have a global currency than one that is in some way linked to a political force ".
Peter Brandt, a well-known analyst and trader, referred to the current scenario of Bitcoin and the way in which people enter FUD and panic and sell their holdings in cryptocurrencies.
Brandt added:
"Bitcoin is entering its life cycle stage when stale and weak money capitulates and strong hands accumulate strategically".
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