Bitcoin will be worth USD 250,000 by 2022, says Tim Draper
Tim Draper, the Bitcoin bull (BTC), now thinks his own prediction that the BTC price will reach USD 250,000 in 2022 may be underestimating the power of Bitcoin.
BTC price will grow with adoption
In an interview with the crypt news network Blocktv on September 13, the famous American venture capitalist has once again expressed his bullish stance on Bitcoin, predicting the next massive global adoption that will push Bitcoin's price higher and higher.
Draper stated in the interview:
"USD 250,000 means that Bitcoin would have a market share of 5% of the world's currencies, and I think maybe that's underestimating Bitcoin's power."
Bitcoin is still too complex
According to Draper, people still prefer trust money over Bitcoin so far because trust money seems to be an easier option to use when paying for services. Billionaire VC argued that the lack of ease of use of Bitcoin is the main impediment to their mass adoption of crypto currency to date, stating that "engineers have not made it easy enough for everyone to use Bitcoin.
However, in the long run, Bitcoin will be people's preferred currency because trust currencies are subject to political influence due to their centralized nature and will depreciate in value due to a natural inflation rate, Draper said.
He also reiterated his position that Argentina will be a great market for Bitcoin, as several local entrepreneurs tend to lose their fortune in the local currency due to the manipulation and devaluation of the currency.
Still, even in countries like the United States, people will generally want a currency that is reliable and decentralized rather than a currency controlled by entities like the Federal Reserve, which can be very political, Draper concluded.
Draper's new claims follow his recent forecast that there could be a slight delay on Bitcoin's path to the price of $250,000.
On August 9, the investor predicted that the price of Bitcoin will reach the threshold in the first quarter of 2023. On September 9, Draper joined the board of MakeSense Labs, a decentralized applications company (DApp) based on EOS.