Major Bitcoin (BTC) bull Tim Draper now thinks that his own prediction that the Bitcoin price will hit $250,000 by 2022 may be understating the power of Bitcoin.
Bitcoin 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 on Bitcoin, forecasting the soon-to-come mass global adoption that will push the price of Bitcoin higher. Draper stated in the interview:
"$250,000 means that Bitcoin would then have about a 5% market share of the currency world and I think that maybe understating the power of Bitcoin."
Bitcoin still too complex
According to Draper, people still prefer 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 to the mass adoption of cryptocurrency 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.
Draper’s new claims follow his recent forecast that there might be a slight delay in Bitcoin’s path to a $250,000 price.
On Aug. 9, the investor predicted that the Bitcoin price will hit the threshold by Q1 2023. On Sept. 9, Draper joined the board of directors of EOS-based decentralized application firm MakeSense Labs.