Famous crypto billionaire and investor, Tim Drape in an interview with cryptowendyO – a well-known YouTuber, said he is firm in his words about Bitcoin going to be worth $250,000. However, previously he had predicted it will happen in 2022 and now he has reconsidered his timing to be around 2023.
He was very optimistic about Bitcoin’s price and also how it will be used in the future. He thinks once BTC reaches high prices, people will start to spend it. Also, by then the new technology will be to reduce the cost of the transaction.
Ithink eventually they will spend it when they feel like the value has come to a pretty good place. But, $250,000/BTC in 2022 is what I predicted. It might be 2023, but it’s in that range. And that’s only a 5% market share of all the currency in the world. So, I can see why people who are real believers are holding on.”
Draper is of the view that Bitcoin will be a solution to many problems to the current financial system. He shares this example, “If I were Lucasfilms and I had to pay all 15,000 of those people who get credit at the end of the movie, I would sure rather have that be Bitcoin wallets than sending each of them an envelope, a check and a postage stamp.”
Better Store of Value than Gold
Draper views Bitcoin as the new gold and derides the use of gold as a store of value.
“Gold is so gone. What would you use gold for when you can store value with Bitcoin? It’s nonsense. But I’m sure a lot of people still do it, and they think of the gold standard as the good coin. But I look at it and I say, ‘What? You’re comparing Bitcoin to gold?’ It’s like 10 generations from when we used gold to transfer value.” says Draper.
A Contrary View
In a recent CNBC interview PayPal CEO Dan Schulman stated that he doesn’t view crypto as money. In his view cryptocurrencies will never reach mass adoption as there isn’t the demand from retailers.
“I have always thought that crypto was more of a reward mechanism for implementing blockchain as opposed to really a currency. And we’re not seeing many retailers at all accept any of the cryptocurrencies. But I think the underlying technology is still very interesting.”
Only time will tell who is right, both appreciate the technology behind cryptocurrencies, but that is where the similarities end. The history of technology tells us that if you are not part of the developing technology you will be replaced by it, just ask the owners of Blockbuster Video Stores.
What’s your bitcoin prediction in the near future? let us know in the comment section.