Tip Draper says $250K is a conservative forecast for Bitcoin
- 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
Author
Tanya Abrosimova
Independent Analyst
