$250K Bitcoin Price Prediction Is Now ‘Conservative,’ Says Tim Draper
BTC price to grow with adoption
In an interview with crypto news network Blocktv on Sept. 13, the famous American venture capital investor has once again expressed his bullish stance to Bitcoin, forecasting the soon-to-come mass global adoption that will push the price of Bitcoin higher and higher.
Draper stated in the interview:
Bitcoin still too complex
According to Draper, people are still preferring fiat money over Bitcoin so far because fiat money seems to be an easier option to pay for services. The VC billionaire argued that Bitcoin’s lack of ease of use is the main impediment of the cryptocurrency to the mass adoption to date, claiming that “engineers have not made it that easy enough for everyone to use Bitcoin.”
However, in the longer term, people will have Bitcoin as the currency of choice because fiat currencies are subject to political influence due to its centralized nature and they will depreciate in value due to a natural inflation rate, Draper said.
He also reiterated his stance that Argentina will be a great market for Bitcoin as a number of local entrepreneurs tend to lose their fortune in local fiat currency due to currency manipulation and devaluation.
Still, even in countries such as the United States, people will generally want a currency that is trusted and decentralized over a currency controlled by entities like the Federal Reserve, which can be very political, Draper concluded.
On Aug. 9, the investor predicted that Bitcoin price will hit the threshold by Q1 2023. On Sept. 9, Draper joined the board of directors of EOS-based decentralized application (DApp) firm MakeSense Labs.