The huge bull on bitcoin Tim Draper now believes that his own prediction on the BTC price hitting a quarter of a million by 2022 could be understating the power of the leading cryptocurrency.
Taking part in an interview earlier in the month, the well-known American venture capitalist expressed his positive stance on bitcoin and forecasted that the highly anticipated mainstream adoption, that the industry is so very much craving, will see the price of bitcoin pushed higher.
In the interview, Draper said:
"$250,000 means that Bitcoin would then have about a 5% market share of the currency world and I think that maybe understating the power of Bitcoin…
As it becomes easier for people to use... they’re going to make the decision that they like bitcoin better than any fiat because they know that their fiat will depreciate in value.”
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Now according to Draper, people still prefer fiat over crypto, and to be honest, this may very well be true given that fiat money is an easier option for goods and services as it stands in 2019. The capital investor argued the point that bitcoin’s lack of ease of use is one of the biggest reasons for its main impediment to the mass adoption for cryptocurrency to date.
He also claimed that “engineers have not made it that easy enough for everyone to use Bitcoin.”
Over the past week, bitcoin has sunk below $10k TWICE! Once mid-week and another ver the weekend. At the time of writing, BTC is priced at $9,954 following a 0.77 percent increase over the past 24 hours.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!