Bitcoin bull Tim Draper is naming two altcoins in the crypto markets that he’s keeping an eye on due to their strong fundamentals and unique use cases.
In a new interview on Bloomberg Markets, the billionaire venture capitalist says that open-source programmable blockchain Tezos (XTZ) has the things that he wants to see in a crypto project.
“What I look for is who are the entrepreneurs and who are the engineers behind a given token. I love some of the tokens. I love Tezos because it’s got a great engineering team, and they’ve redefined how to operate a token. They do it as proof of stake. They use less energy, and they have a new form of governance and that’s exciting.”
Draper says that he is also watching Ethereum-based altcoin Aragon (ANT). Aragon is an open-source software that enables users to build and manage their own decentralized autonomous organizations (DAO).
Aragon developed a community-governed decentralized court system to handle subjective disputes requiring the judgment of human jurors. According to Draper, this system could “revolutionize the way juries work.”
Looking at Bitcoin, the Draper Associates founder says that the king crypto is a great hedge against inflation, and that its protocol offers superior trust and reliability over government entities.
“For investors, I think holding on to Bitcoin is probably a good place to be because there are only 21 million Bitcoin out there, and they represent the freedom that allows us to use them anywhere and the trust in that you are trusting in the software rather than trying to trust some bank or some government entity.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Kit8.net