Seven years ago, Kyle Drake, who expressed his belief that Bitcoin is indestructible, estimated a price for Bitcoin on the same date. Drake, who said that if BTC reaches a size of 5% of gold, it could be 30 thousand dollars, predicted close to the current value of Bitcoin.
A blogger named IamSatoshi interviewed Kyle Drake on Bitcoin on November 22, 2013. On the blog site where part of the interview was posted, a video section of Drake’s comments about Bitcoin is shared. “I really don’t know what the biggest danger for Bitcoin is now.”Drake, who began his speech by saying, touched on the advantages offered by BTC. Before completing his views, Drake compared Bitcoin and gold.
“Gold has no use, but Bitcoin does?”
Kyle Drake spoke about the advantages that Bitcoin provides, before addressing Bitcoin and the Gold Coast. “Bitcoin is unstoppable, ” Drake said, noting that bitcoin only allows you to withdraw money from the other side of the world through a private key or password.” said. Kyle, who then began comparing Bitcoin to Gold, said about investments in gold:
“Think about the money invested in gold. No one uses gold for anything. For example, I’ve never seen gold coins used. Although gold is almost completely dysfunctional, people invest tons of money in it.”
After his announcement, Kyle said that if Bitcoin reaches 5% of the value of gold, it can go up to 30 thousand dollars. “The numbers could change,” he said. Bitcoin was $ 32,500 as of January 2.
For this old video, which also came up on Reddit, some users commented Like “visionary” and said they agreed with Drake’s views.
Bitcoin can be a store of value like gold
In a Twitter post shared on February 7, 2017, Kyle Drake said that Bitcoin is an unspendable, invisible commodity money. He also expressed the following about the issue in comments:
“If this situation continues, I anticipate that Bitcoin will become an illiquid store of value, such as gold, rather than a currency.”
Could Bitcoin’s value fall?
Drake, who made various statements in the interview about the dangers of bitcoin and whether its value will fall, said that the only element that could lead to Bitcoin losing value is the possibility that people will stop buying it. ” Although the value of bitcoin falls, BTC does not disappear, ” Drake said, adding that if people do not trust Bitcoin and do not want to use it, they can use it by creating a new cryptocurrency.
What’s Kyle Drake doing now?
Drake, who developed the project with support from the Bitcoin Foundation, is the founder of a website creation platform called Neocities. Drake’s platform appears to accept donations made with Bitcoin.