Bitcoin Price is 'Conservative', Tim Draper

September 16, 2019 | Monday

Bitcoin

   

Tim Draper, a major Bitcoin bull, thinks his prediction that BTC price will reach $250,000 by 2022 might be understating the potential of the crypto. On September 13, the prominent American venture capital investor has expressed his bullish view to Bitcoin again. He expects a soon-to-come mass global adoption that will push the price of Bitcoin higher and higher.

Draper said, "$250,000 means that Bitcoin would then have about a 5% market share of the currency world. And I think maybe understating the power of Bitcoin." Then, he also stated that people still prefer fiat money than Bitcoin so far. And it is because the fiat money looks more of a convenient option to pay for services.

Moreover, he argued Bitcoin's lack of ease of use is the main impediment of the crypto to the mass adoption to date. And Draper believes engineers did not create Bitcoin easy enough for everyone.

Bitcoin Being Complex

Furthermore, they might choose Bitcoin as a currency of choice in the future. And this was because of fiat currencies being prone to political influence due to its centralized nature. Also, they would depreciate in value amid a natural inflation rate. Aside from that, he once again explained that Argentina is an excellent market for Bitcoin. Local entrepreneurs tend to lose their fortune in local fiat currency by currency manipulation and devaluation.

But still, countries like the United States can be very political. Citizens from these places want a currency that they can trust and decentralize over a currency controlled by entities such as the Federal Reserve.

On the new claims of Draper, his latest forecast is a slight delay in Bitcoin's path to $250,000 price. The investor predicted on August 9 that Bitcoin would reach the threshold by Q1 2023. Then on September 9, Draper became part of the board of directors of EOS-based decentralized application firm.

   

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