Venture Capitalist and pro-crypto Tim Draper is known for his bullish Bitcoin prediction, seeing the leading cryptocurrency worth millions of dollars in the coming few years.
Speaking at the Malta AI and Blockchain Summit, permabull Draper said the growing use of the second layer solution Lightning Network is what will drive Bitcoin to hit $250,000.
🔥 Tim Draper’s 2022 prediction 🔥
— Tippin (@tippin_me) November 12, 2019
Bitcoin payment processors to open the floodgates
Draper doubled down on his previous BTC price prediction adding that each Bitcoin will be worth $250,000 by 2022-2023. He believes the flagship cryptocurrency won’t be just a store of value but can also be used to pay for things in everyday life.
“I think Bitcoin payment processors are really going to open the floodgates,”
And Lightning Network will pay a big role in making it part of everyone’s daily life, further driving the digital asset’s adoption.
LN is the second layer technology that operates on top of a blockchain-based cryptocurrency enabling fast and cheaper tractions.
“It’s because of Lightning Network and OpenNode and maybe others that are allowing us to spend Bitcoin very freely and quickly, so that it’s not just a store of value but it can be used for micropayments; it can be used for retail, it can be used all over,”
Lightning Network currently has a capacity of 820 BTC (the equivalent of more than $7 million) and 10,415 number of total nodes, as per 1ML.
$250k is “conservative” But that also means get prepared for “super hyper inflation”
$250,000 might seem like a big number but just a few months back, Draper said this figure is rather “conservative.”
Last week, BTCC exchange co-founder Bobby Lee joined Draper in wilder prediction, claiming that BTC/USD would be worth about $500,000 in the coming years and could even surpass $1 million.
Marius Landman, a crypto analyst and asset manager says $1 million won’t be without having “super hyper inflation.”
It will be unfeasible for #Bitcoin to go to $1 mil without having "super hyper inflation". Trading band at that level when Bitcoin drops by $20K should be in today's terms a $100 drop. Insignificant. So get prepared for big incoming inflation…it is currently hidden from sight.
— Marius 🏄♂️ (@LandM_Marius) November 13, 2019
Also, any “subito motus” meaning sudden movements in the crypto world, he said will “leave uninformed investors, Elliott Wave Analysts & Technical Traders scratching their heads.”
Currently, Bitcoin is trading at $8,725 while mining difficulty is still down 7% from all-time high. But it is not “unusual” as it has been happening like clockwork for the last 9 years. This could very well be a minor hiccup that could be because of the switching off old hardware.
Popular analyst PlanB said, the “positive next adjustment is bullish,” for Bitcoin.
The question was why there was "miner capitulation" in 2018. But not all blue is capitulation, only blue after ATH is. Blue mid-bull all end-bull is just temporary hick up, possibly switching of old hardware (S9? -> disappearing "white stripes") pic.twitter.com/h5vPFsWvnW
— PlanB (@100trillionUSD) November 12, 2019