With increasingly positive voices coming out in favor of Bitcoin, it remains to be seen whether it will actually increase in value significantly until the end of this year or whether it will remain around this levels. Many of the other cryptocurrencies have been consistently rising in the past couple of weeks. This is the reason why investors are again turning bullish on cryptocurrencies and think that, they will increase in value further. Many of the enthusiasts are actually predicting higher peaks as well as newer peaks for the cryptocurrencies.
Bitcoin Price Forecast: Tim Draper Predicts Bitcoin Will Be Worth More Than $100,000. Bitcoin prices drop on Friday, as yesterday’s market rally corrects. The BTC to USD rate has retraced to $9,895.91 at the time of writing, after crossing $10,000 yesterday.
Not much has changed in the past 24 hours. There has been no earth-shattering good news nor nerve-racking bad news. We are viewing the sideways swing as the customary price movement in this space.
In the meantime, however, we’re turning our focus to the longer term to predict which way Bitcoin prices will be journeying next. At least one revered market analyst agrees with us that BTC will be heading north.
Famous Venture Capitalist Tim Draper was on Bloomberg two days ago, sharing his thoughts on why Bitcoin will be worth a lot more than what it is today.
For reference, he’s the guy who predicted in 2014 that Bitcoin would hit $10,000 in three years. And it did!
This time, his prediction is way more outlandish, even by our insanely bullish standards. Draper predicts that a major part of today’s fiat currency market will be dominated by cryptocurrencies in the future. He identifies that the world market for fiat currencies is worth $86.0 trillion today.
If we go by his prediction and do some quick math on prices, Bitcoin turns out to be worth more than $100,000.
Draper gives us at least three reasons in his very brief interview why he believes that Bitcoin is the future of currency.
It’s borderless. You could go to any country and use it.
It’s not subject to the whims of a government. The supply is constant and the price is determined by free market demand.
It’s banking the unbanked. You can bypass the traditional banking system, avoid surveillance, and get rid of hefty fees.
As for investment advice, Draper made it loud and clear.
“People ask me, ‘Are you going to sell your Bitcoin?’ And I say, ‘Why would I sell the future for the past?’”
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