It was enough to shoot up the hopes for the world’s largest crypto- Bitcoin, when a while ago, the legendary Silicon Valley VC- Tim Draper predicted that in the next two years the price of Bitcoin would hit 250K U.S. Dollars mark. Although he has warned that there can be a slight delay in attaining this massive feat.
The excitement has only got spiked when he recently in an interview with the Preethi Kasireddy, CEO of TruStory, and the former ‘Andreesen Horowitz a16z at Silicon Valley. Tim Draper said that his previous prediction could be an understatement and one can expect an even stronger spike.
Draper predicted an increase in BTC prices-
In the interview, Draper told that there could be an increase in the prices of Bitcoin. He explained that the reason why there will be an increase would be due to a higher percentage of mass adoption of the crypto. The capital investor confidently stood by his prediction of the bullish time to come for Bitcoin. He further added-
250,000 U.S Dollars means that Bitcoin would then have about a 5 percent market share of the currency world and I think that maybe understating the power of Bitcoin.
Bitcoin’s complexity shoots Bitcoin’s Mass adoption in its foot, as per Draper-
Despite Bitcoin being a very famous and established cryptocurrency, still, there is a big percentage of people who still find it complex. As a result, the comfort zone of the fiat currency prevails and dominates and thus keep them attached to the traditional financial methods. That makes them feel comfortable to use fiat currency to pay for any services or goods instead of using Bitcoin.
That is why the complexity around the ease of use of Bitcoin shoots Bitcoin’s mass adoption in its foot. The directness one feels in using fiat currency is what is missing in Bitcoin and by extension in other cryptocurrencies. This complexness drives away many. On this, Draper said-
“[…] engineers have not made it that easy enough for everyone to use Bitcoin.”
The probable future of Bitcoin through Draper’s eyes-
Given the rate at which the crypto industry is growing the future is quite obvious, and the reign of cryptocurrency is evident. The beneficial points of cryptocurrency such as accuracy, tamper-proof nature, transparency, blockchain-based records and so on, will make the cryptocurrency the choice of tomorrow, given the fiat currency faces high cross-border fees, corruption, black money issues, politics affecting it, and so on. The major difference of cryptocurrency being decentralized, and fiat currency being controlled in a centralized fashion is another reason fiat currency will go down due to the inflation rate, as per the U.S. capital investor- Draper.
Talking geographically, as per Draper, Argentina will prove to be a highly suitable market for BTC. The reason why he said so was the local entrepreneurs often lose a lot of fiat currency due to issues such as ‘currency manipulation and devaluation.’
He further added that even in leading nations such as the United States, the citizens incline more towards a currency which is decentralized and trustworthy in nature rather than the one which is controlled by centralized authorities which are further controlled by political motives. Last month, the capital investor said that the rates of BTC would go up to its threshold by Q1 2023.