Yesterday, the Bitcoin price was briefly soaring above $4,000 mark. 2018 was quite a tragic year for Bitcoin, as the prices struggled to come out of its long-running bear market. A renowned billionaire investor and Bitcoin bull, Tim Draper, predicted that it will be a few short years before everyone will be using Bitcoin. Also explained that only criminals will hold onto cash advising people to invest”before it’s too late”.
Draper is a founding partner of the venture capital firm Draper Associates, told Fox Business.
We’re two years away from everyone using bitcoin.
As per Draper’s prediction Bitcoin price will soar as high as $2,50,000 by 2022. But, throughout 2017, the price fluctuated from $1,000 at the start of the year to almost $20,000 lesser than 12 months later.
Since then the Bitcoin price has been continuously falling. Eventually, losing more than 80% of its value and gradually decreasing to a rout labeled “crypto winter”. On pointing towards Bitcoin’s nascent lightning network, Draper exclaims it is designed to speed up and lower the costs for small Bitcoin transactions. Hence, making it a reason to expect bitcoin adoption in the coming years.
As [bitcoin’s lightning network] permeates the system it will make it much easier to use your phone to buy things with bitcoin. In five years we’ll try to use fiat money to buy coffee and the barista will laugh.
Adding to it Draper also said
Criminals will still want to use cash because they’ll catch everyone who uses bitcoin,” Draper said. ”I feel the money in my bank is less secure than my bitcoin is. Banks are constantly trying to stop hackers from breaking in, but so far no one has managed to hack the bitcoin network.
When asked about the number of Bitcoins Draper holds currently, he answered as “lots”. A new upgrade is about to launch in the next week on February 27. This upgrade speeds up the processing times, improve the way the network monetizes the data storage, and reduce the mining rewards from three to two.