An eminent investor in new technology and crypto billionaire, Tim Draper, continues to retain his price target on bitcoin. At the same time, he has revised the target period by a year. Significantly, his comments come in the wake of renewed interest in the most valuable digital coin.
Draper bets that bitcoin will hit a price of $250,000 by around 2023. Previously, he predicted the target to reach in 2022. There is no change in his bullish stance on bitcoin since he believes that this is backed by how the virtual asset would be used in the upcoming period. He foresees people starting to spend the cryptocurrency once the token hits or crosses the top price. At the same time, he sees enough opportunity to cut down the cost of the transaction with the help of fresh technology.
The crypto billionaire said,
“I think eventually they’ll spend it when they feel like the value has come to a pretty good place. But, $250,000 per Bitcoin 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 thinks that bitcoin has the potential to resolve several issues that plague the existing financial system. For instance, if he has to pay 15,000 people for getting credit at the end of Lucasfilm’s move, he will prefer to send it to bitcoin wallets relative to sending everyone a check with an envelope and a postage cost. He also compared the most valuable coin with the gold and believed bitcoin as the new gold.
As far as he is concerned, gold has gone and if anyone is talking about the yellow metal and comparing it with bitcoin, then they are going backward. There is store value with the digital coin while gold has lost its transfer value.
Not A Money
Despite some crypto experts continue to remain bullish; PayPal CEO, Dan Schulman, is not ready to accept crypto as money. He thinks that there is no scope for any digital currencies to reach mass adoption. He also pointed out that there is not much demand coming from retailers to support his point of view.
The PayPal CEO thinks that crypto is more of a reward mechanism and not a currency. At the same time, he said that the underlying blockchain technology is an interesting one.