The notorious Bitcoin bull, Tim Draper, is perhaps most known for his price prediction of $250,000 per Bitcoin. However, Draper is now revising his stance on Bitcoin’s future price. Nevertheless, Draper is actually raising his prediction for the premier crypto – calling $250,000 “conservative”.
Is Bitcoin at $250,000 an underestimation?
This news came in a recent interview with the BlockTV crypto news outlet. On September 13th, Draper took part in an interview in which he once again said he was extremely bullish on Bitcoin. Specifically, Draper even raised his original forecast for the future price of Bitcoin.
According to Draper, soon-to-come global mass adoption of Bitcoin will push the price of Bitcoin higher. As such, Draper said that his original forecast of a $250,000 price per Bitcoin may underestimate the crypto’s global impact.
“$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.”
Nonetheless, Draper acknowledged that there are still some barriers to true global adoption of Bitcoin. Most notably, Draper argues that Bitcoin can still be seen as “too complex” in comparison with fiat currencies.
The main barrier to $250,000 Bitcoin?
Put simply, people still believe that fiat currency is the easiest alternative to paying for everyday services and products. Draper argues that this “lack of use” is the dominant problem standing in the way of true mass adoption.
With that said, Draper still believes that this issue will soon become redundant. Draper says that as fiat currencies are subject to different kinds of political influence. This comes from fiat currencies’ very nature – i.e. relying on a central bank and suffering from inflation.
In addition to this, Draper also went on to suggest that Argentina may soon emerge one of Bitcoin’s dominant markets. This comes as Draper foresees that local entrepreneurs will move towards crypto, as their assets are eroded by local currency inflation and devaluation.
This will also lead people in the US to crypto, according to Draper. Moreover, the public demand for crypto will rise as people want a currency they can trust. Furthermore, they want them to be decentralized and not controlled by organizations such as the Federal Reserve.
One should note, however, that Draper’s frequent Bitcoin forecasts have seen some criticism from crypto observers. There are those who believe that these comments drive an unnecessary focus on price and price increases. Nevertheless, it is clear from these comments that Draper foresees a massive Bitcoin price increase.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.