Tanya Abrosimova
Independent Analyst
- A venture capitalist believes that his previous forecast was not optimistic enough.
- Bitcoin stays under pressure on the short-term timeframes.
At the currents stage, expectations of Bitcoin price hitting $250K by 2022 looks too conservative, according to a prominent Bitcoin Bull Tim Draper. He believes that his own forecast is a bit of understatement of Bitcoin power.
"$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,” he said in the recent interview with Blocktv on September 13.
An American venture capitalist and cryptocurrency investor believe that Bitcoin is on the verge of the much waited mass adoption, that will push the price towards new record highs.
At this stage, people stick to fiat money as they are considered to be an easier and more familiar option to pay for services, Draper says. At this stage Bitcoin is not user-friendly enough for ordinary people. However, down the line, people will start opting for Bitcoin to avoid inflation and political influence typical for fiat money.
Draper said that Argentina will become one of the first countries to adopt Bitcoin as many local entrepreneurs lost their money due to devaluing local fiat currency. They will be more willing to accept cryptocurrency payments to save their fortune.
Meanwhile, at the time of writing, BTC/USD is changing hands at $10.153. The first digital coin has lost nearly 2% in a matter of an hour and came close to a critical $10,000 before the recovery started.
BTC/USD, one-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.