Investors who want to turn the declines experienced in Bitcoin and cryptocurrencies into opportunities this week have searched for altcoins.
Tim Draper, known as the Bitcoin bull, shared two altcoins he follows closely in a recent interview with Bloomberg Markets.
The famous billionaire said he is following Ethereum-based altcoin Aragon (ANT) and open-source programmable blockchain Tezos (XTZ) because of its strong fundamentals and unique use cases.
Stating that XTZ has what he wants to see in a crypto money project, Draper said:
“What I am looking for is who are the entrepreneurs and engineers behind a particular cryptocurrency. I love some coins.
I love Tezos because they have a great engineering team and they have redefined how to run a coin. They do this as proof of stake. They use less energy and have a new management style, and that’s exciting.”
Another altcoin followed by the famous billionaire is Ethereum-based Aragon. Allowing users to form their own decentralized autonomous organization (DAO), Aragon had developed a community-run decentralized court system to handle subjective disputes requiring judgment from human jurors.
For this system, Draper “could revolutionize the way juries work.” said.
Draper, who also said his thoughts on Bitcoin, said that Bitcoin is a great protection against inflation and is more reliable than government institutions.
“I think Bitcoin would be a good choice for investors. Because the supply of Bitcoin is limited to 21 million BTC. Better to rely on a decentralized system that allows us to use them everywhere, rather than trying to rely on a bank or a government agency.”
*Not investment advice.