Tim Draper, Bobby Lee, and Tom Lee Give Three Reasons To Be Bullish On Bitcoin
- Bobby Lee, Tim Draper, and Tom Lee all expressed drastically different price predictions.
- The closest of these predictions is $25,000 in the next three years, according to Lee.
The cryptocurrency industry is over a decade old, which has given analysts a lot of time to learn about the way that Bitcoin works and moves. Recently, CCN dove into the bullish predictions that analysts have recently thrown out. Considering the downward turn of the market, it may be surprising that industry experts are optimistic, but Bobby Lee, Tim Draper, and Tom Lee have some bold predictions.
Bobby Lee has the highest prediction in this lineup, stating that Bitcoin will reach $1 million by 2028. The CEO of BTC China tweeted up a storm while discussing the upcoming halving, along with the shock to the supply that will come with it to push BTC to flip gold. With a $156 billion market cap, it would take a move that is 50 times the value it is now to reach gold’s value, which is $8 trillion right now. While that would take the value of Bitcoin to $500,000, Lee doubled down and added on another $500,000.
#Gold is at about $8 trillion today, which is 50x the worth of #Bitcoin.
I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000.
And with all of the money printing that’s happening globally, $BTC will actually very likely be over $1 million! https://t.co/hbqGze38k5
— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) November 10, 2019
Tim Draper, a venture capitalist, decided to move away from the halving proposals in the market today, instead proposing that Bitcoin would be worth $250,000.
🔥 Tim Draper’s 2022 prediction 🔥
— Tippin (@tippin_me) November 12, 2019
Basing his prediction on the slow-moving payment initiatives, Draper explained at Malta’s AI and Blockchain Summit that the use of payment processors like OpenNode and Bitcoin’s Lightning Network will boost BTC’s value. He remarked that these opportunities allow Bitcoin to be spent “very freely and quickly,” which ensures that it is a store of value, while being used for micropayments.
Mass adoption appears to be the main hope of Draper, but the Lightning Network is still fairly young with many issues to sort out. With a prediction so close and so far away, the idea that Bitcoin would reach that level within three years may be a little out of range.
Tom Lee’s prediction is the closest to the current price, at $25,000. Lee believes that BTC will reach that prediction by 2022, which would surpass the previous-all-time high. Lee spoke with CNBC’s Street Signs about his long-term prediction and stated that he believes that investor involvement will be the key. He stated,
“If you double the users hold [bitcoin]. You get a quadrupling of value. To go to $25,000, you essentially need a little less than 4x rise, which means you need to double the number of people who hold Bitcoin.”
Lee is known for being bullish about Bitcoin and is the co-founder of Fundstrat Global Advisors. He set his prediction back in 2017, making it a five-year forecast of where the asset could be. Despite the fact of the prediction being made when Bitcoin would only have to add another few thousand dollars its value, Lee maintains the prediction, though he adds that there will need to be about a million people to hold Bitcoin before it reaches his prediction.
To further support this idea, Lee spoke about the analogy with how the FAANG (Facebook, Amazon, Apple, Netflix, and Google) stocks have performed since being listed publicly. He noted that, of the returns since the listing, growth of the global internet accounted for 70%. He added,
“In other words, it’s a LOG function of the internet’s growth, and that’s how cryptocurrencies are going to work.”
Even with over ten years since Bitcoin’s creation, Lee states that the market is “still in the earliest days,” and he sees that the assets will become highlight institutionalized over time.