BTC analyst explains why BTC will hit $250,000 before 2022
2 min readTL;DR Breakdown
- Tim Draper says BTC will hit $250,000
- Draper explains why BTC will hit $250,000
Venture capitalist and BTC analyst, Tim Draper has reiterated that by 2022, BTC would trade at $250,000.
“I think I’m going to be right on this one,” Draper tells CNBC Make It during an interview.
The BTC analyst predicted $250,000 in 2018 when the number one digital asset trades at $8,000, according to Coinbase, however, despite the crash in price of BTC, he remains stead with his prediction.
While emphasizing his verdict, he said “I’m either going to be really right or really wrong [but] I’m pretty sure that it’s going in that direction.”
The idea behind the BTC analyst verdict is the fact that by 2022, the crypto would have been much more in use.
“Give it about a year and a half and retailers will all be on Open node [a bitcoin payment processor], so everybody will accept BTC,” Draper says.
Draper also notes that now just few major companies receive BTC payment though third party firms. He mentions Microsoft, PayPal, Overstock, Whole Foods, Starbucks and Home Depot. He also states that the digital asset is largely seen as a store of value, like gold, rather than a currency.
He gives another reason for his bullish prediction stating that the fixed value of BTC pegged at 21 million and 18 million are in circulation with 3 million left will make its value go higher.
“Then beyond that, I think [Bitcoin] continues up because there are only 21 million of them,” says Draper. By virtue of its code, only 21 million BTC can be “mined.” So far, more than 18 million BTC are already in circulation.
BTC analyst Draper compares BTC to DOGE
He compared BTC to Dogecoin also in his analysis while explaining why BTC will hit $250,000.
The BTC analysts says no engineer works on Dogecoin to improve it but rather almost all engineers have their focus on BTC which had its first upgrade in four years recently (taproot).
This wil unlock more privacy and other potential like smart contracts on the BTC blockchain for the foremost crypto asset.
BTC “is sort of like Microsoft [in] the software world or Amazon in the e-commerce world,” Draper says. He believes BTC will be the center of all financial activity for the next two to three decades.
