Billionaire venture capitalist Tim Draper told CNBC on 25 Aug that Bitcoin is "the only hedge" against what he called reckless government spending and reaffirmed his longstanding forecast that the cryptocurrency will reach $250,000. Draper said there is a "gravitational pull" toward Bitcoin that will eventually absorb the functionality of alternative tokens, adding that holding gold is "prehistoric thinking." He argued the network’s growing adoption positions it to outpace rival assets. Separately, David Bailey, President Donald Trump’s cryptocurrency adviser, predicted there will not be another Bitcoin bear market for several years, citing surging institutional demand. His comments reinforced the bullish tone struck by Draper.