Tim Draper, founding partner of Draper Associates and venture capitalist, stated that altcoins serve as a testing ground for upgrades, which may ultimately enhance Bitcoin.
In an interview with CNBC's "Squawk Box" on Monday, Draper pointed out that many "other cryptocurrencies" will emerge in the future, which will help bolster Bitcoin's (BTC) dominance.
"Competition is beneficial for the world, but in terms of the market share of all cryptocurrencies, Bitcoin had a market share of 40% during the first bull market, 50% in the next bull market, and currently has a market share of about 61% to 62%," he said.
He added that over time, "the dominant platform will build the strongest network," leading developers to create for the "dominant platform."
Draper noted that Microsoft experienced a similar situation. While most developers initially chose to develop applications on its platform, some applications that originated on other platforms eventually made their way into the Microsoft ecosystem.
Microsoft has now become one of the world's top tech giants, with a market share of over 71% for its Windows operating system.
"The same situation is happening with Bitcoin now. Numerous small cryptocurrencies are constantly experimenting and innovating, and many excellent engineers are porting these results into Bitcoin, thus creating a strong attraction for Bitcoin," he said.
However, according to data from Electric Capital, the reality is somewhat different.
Their latest developer report estimates that there are only 2,583 developers on Bitcoin—this is just a small fraction of the total number of developers on the EVM stack (12,931) and Ethereum (9,094).
Draper also reiterated that Bitcoin is an effective hedge against poor governance and uncontrolled government spending.
Draper pointed out that government spending has become uncontrollable, with the proportion of spending to GDP rapidly rising over the past century, showing no signs of slowing down.
The total U.S. national debt has been climbing year by year. The Treasury Department estimates that U.S. debt has increased from $395 billion in 1924 to over $37.2 trillion in 2025.
"Under this government spending, the only hedge you have is Bitcoin, unless you are willing to hold gold—that's like holding shells, with an understanding of the economy that remains in prehistoric times," Draper said.
Draper has predicted that Bitcoin will rise to $250,000 and eventually replace the dollar, although he admits that this goal has not yet been achieved.
"I predicted long ago that Bitcoin would rise to $250,000, and it turns out that it has not been realized yet, but we have reached halfway, which is very exciting," he said.
Draper previously predicted that Bitcoin would rise to $10,000, which was achieved in 2017. In an interview with Cointelegraph in 2023, he stated that he felt pressure to make a new prediction after accurately forecasting the first one at the end of 2022.
According to CoinGecko data, Bitcoin reached an all-time high of $124,450 on August 14, but subsequently fell by 11.8%, with the current trading price around $109,144.
Related: Preston Pysh: The skepticism of Bitcoin (BTC) holders towards institutions is hard to dispel
Original article: “Tim Draper: Altcoins serve as a 'testing ground' for Bitcoin (BTC), helping it optimize and upgrade”
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