This billionaire expects Bitcoin to cost $10 million.
Venture capitalist Tim Draper, who invested in Skype and Tesla, is again causing controversy with his high Bitcoin prediction. In a recent interview, Draper predicted that widespread acceptance and a falling US dollar may push the world's most renowned cryptocurrency over $10 million.
“Now, $250,000 or a million, or $2 million, or even $10 million are the numbers that are probably going to happen,” Draper added.
Explaining Why Everyone Is Googling ‘Bitcoin Halving’
The billionaire has challenged Bitcoin before. He correctly anticipated the Bitcoin will break $10,000 in 2017. Draper blamed regulatory hurdles and slow mainstream adoption for his 2022 price projection of $250,000.
That time, he said:
Maybe my hubris got the best of me.
Bitcoin Needs a Global Village, Not a Niche
Draper expects crypto to become a ubiquitous payment method. He envisions a society where Bitcoin pays for groceries, clothes, and taxes, eliminating traditional currencies. Draper believes widespread adoption will raise prices due to increasing demand.
Is a BTC-powered utopia realistic? Experts disagree. The halving occurrence yesterday may be a spark.
History shows that Bitcoin prices rise after halving the amount of new coins. Recently approved BTC exchange-traded funds (ETFs) are also positive for general acceptance.
Governments worldwide struggle to implement a decentralized currency into their financial systems due to regulatory issues.
The Future of Bitcoin: Boom or Bust?
The $10 million prediction by Draper raises eyebrows. His bullish view may be excessively rosy, but his tech trend identification skills are credible.
Like always, the truth is probably in between. The crypto asset's future depends on its capacity to overcome technological obstacles, get regulatory acceptance, and most significantly, convince consumers to ditch their credit cards for complex cryptographic codes.
We'll see if Bitcoin reaches $10 million or stays on the investing edge.
