Tim Draper, Venture Capitalist and Bitcoin Bull, recently claimed that Bitcoin [BTC] had the potential to majorly transform how the world operates and not just the financial ecosystem.
In a recent episode of The Crypto Chick with Rachel Wolfson, Draper said that the importance of Bitcoin [BTC] as a medium of currency would not be diminished in the forthcoming period. He explained that Bitcoin [BTC] had transcended the concept of decentralization and enabled the mass to think in a decentralized manner rather than backing a “political currency which is tied to a bureaucracy.”
During the interview, Tim Draper was asked to comment on the current market scenario of Bitcoin and where it was headed in terms of valuation. He explained that new technologies usually undergo a period of hype where people give attention to a new and intriguing trend.
“The excitement will never be that hiked as it was the first time around but the value would grow sustainably over a long period.”
He believed that the recent hike had occurred in discreet movements and the trade volume was still not significant enough. He also said that the use of open node and Lightning Network might have solved a lot of people’s problems in terms of scalability.
Additionally, Tim Draper indicated that JP Morgan’s introduction of the JPM coin actually helped Bitcoin’s case in terms of popularity. He said that people were smart enough to understand the value of Bitcoin now and that it had more value than JPM coin which was centralized in nature.
Tim Draper stood by his prediction he had made earlier that Bitcoin [BTC] would hit $250,000 valuation by the year 2022 or 2023.
“There is no question in my mind that Bitcoin would have a 5 percent market share which is all it requires in order to hit $250,000. There is $90 trillion dollars worth currency in the world. The number would probably increase because of crypto and as people evolve and see the opportunity and security behind cryptocurrency, they would start bringing it into their lives.”