- Billionaire Tim Draper talks about the current state and future of the ecosystem. His prediction: Bitcoin will hit 250k USD in the next years.
- Draper further outlines, that the adaption of Bitcoin is not growing fast enough.
Bitcoin bull Tim Draper has made a new prediction about Bitcoin’s performance in an interview. He also gave statements about the current state of the ecosystem, the blockchain technology and its challenges for the future.
Bitcoin price will reach 250k USD after Halving
He says that despite the fluctuations in Bitcoin’s price, BTC will reach 250,000 USD 6 or 12 months after the Bitcoin halving. The halving will take place in May 2020. He further states:
What I hope is that within the next two years, people will have a choice. They’re going to say, do I want to use a credit card that costs me 2.5 to 4% every time I use it or do I want to use Bitcoin that’s frictionless? It bothers me more and more that banks take 2.5 to 4% every time I use my credit card.
This development will have a positive impact on the performance of BTC. However, Draper said it will be a process of several years. People will become increasingly aware of the benefits of using cryptocurrencies versus the traditional financial system.
This trend has been recorded especially for young investors. A recent survey states that millennials prefer to invest in cryptosystems rather than in Microsoft, Tesla or Netflix. Bitcoin is at the top of that choice and has been declared the best asset of the decade.
Draper said that adoption will continue to expand:
I’m ready for this new currency (on Bitcoin).
Adoption for Draper has not progressed at the desired pace, but he expects the trend to change in the coming years.
What has delayed the massive adoption of Bitcoin and other cryptocurrencies?
Although Bitcoin is at the forefront of adoption, Draper said that it is only the beginning. He said that the cryptomarket is at a turning point, before entering a stage of mass adoption.
Draper bases its arguments on the advantages of Bitcoin and cryptocurrencies over credit cards and other traditional payment methods. The change will occur as more buyers have wallets and realize how much money they can save.
On the other hand, Draper talked about how the legal system can impede innovation. On the case of Ross Ulbricht, creator of a black market in the Dark Web, Draper said he served his sentence. He added that entrepreneurs are needed who have a desire to innovate, without being used as scapegoats:
Putting people in cages is not the answer.
This statement also refers to the desire of other cryptomarket personalities to have clear and solid regulations. Draper said the world is changing and that people are only just adapting to a decentralized world:
The winning governments will be those that understand that the world will be decentralized.
For the Billionaire and Bitcoin investor, the key is adoption. However, he stated that Bitcoin is going in the right direction.
The price of Bitcoin stands at $7,169 USD with a profit of 8.66% in the last 24 hours.