Despite the many different predictions out there regarding Bitcoin’s price, there are some that claim the asset with hit in the multiple hundred thousands by the early 2020’s. In fact, one analyst, Tim Draper, claims that the asset hitting $250k by 2022 is “conservative” despite the general Bitcoin trading price as of now being nothing near that.
This news comes to us via an interview with Blocktv, where Draper, a noted Bitcoin bull, stated that his previous claim isn’t as accurate, and that such a number doesn’t showcase the true potential of Bitcoin:
“$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.”
That said, Draper believes that Bitcoin isn’t beating out fiat just yet due to accessibility – a mindset that many enthusiasts share. It’s true, too, considering it’s much easier to go into any store and buy with fiat than it is the limited spaces that accept cryptocurrency trading.
However, it should also be noted that since Bitcoin is an asset with no authority controlling it, there are many that simply have no trust for the cryptocurrency. But as time goes on, this could be seen as a benefit rather than a threat, especially considering that fiat is much more open to manipulation than Bitcoin is.
We’ll have to see if more of the mainstream pour into Bitcoin over time.