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Bitcoin analyst explains why BTC will hit $250,000 before 2022

TL;DR Breakdown

  • Tim Draper says BTC will hit $250,000
  • Draper explains why BTC will hit $250,000

Venture capitalist and Bitcoin analyst, Tim Draper has reiterated that by 2022, Bitcoin would trade at $250,000.

“I think I’m going to be right on this one,” Draper tells CNBC Make It during an interview.

The Bitcoin analyst predicted $250,000 in 2018 when the number one digital asset trades at $8,000, according to Coinbase, however, despite the crash in price of Bitcoin, he remains stead with his prediction.

While emphasizing his verdict, he said “I’m either going to be really right or really wrong [but] I’m pretty sure that it’s going in that direction.”

The idea behind the Bitcoin analyst verdict is the fact that by 2022, the crypto would have been much more in use.

“Give it about a year and a half and retailers will all be on Open node [a bitcoin payment processor], so everybody will accept Bitcoin,” Draper says.

Draper also notes that now just few major companies receive Bitcoin payment though third party firms. He mentions Microsoft, PayPal, Overstock, Whole Foods, Starbucks and Home Depot. He also states that the digital asset is largely seen as a store of value, like gold, rather than a currency.

He gives another reason for his bullish prediction stating that the fixed value of Bitcoin pegged at 21 million and 18 million are in circulation with 3 million left will make its value go higher.

“Then beyond that, I think [Bitcoin] continues up because there are only 21 million of them,” says Draper. By virtue of its code, only 21 million bitcoin can be “mined.” So far, more than 18 million bitcoin are already in circulation.

Bitcoin analyst Draper compares BTC to DOGE

He compared Bitcoin to Dogecoin also in his analysis while explaining why BTC will hit $250,000.

The Bitcoin analysts says no engineer works on Dogecoin to improve it but rather almost all engineers have their focus on Bitcoin which had its first upgrade in four years recently (taproot).

This wil unlock more privacy and other potential like smart contracts on the bitcoin blockchain for the foremost crypto asset.

Bitcoin “is sort of like Microsoft [in] the software world or Amazon in the e-commerce world,” Draper says. He believes bitcoin will be the center of all financial activity for the next two to three decades.

This post was last modified on June 16, 2021 8:16 pm

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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