Inflation and government distrust will boost bitcoin price
Speaking to BlockTV, Draper described his famous $250,000 bitcoin price forecast as being conservative.
According to Draper:
$250,000 means that bitcoin would then have about a 5% market share of the currency world and I think that may be understating the power of bitcoin.
The billionaire investor has consistently maintained his popular bitcoin price prediction calling it “absolutely solid” back in 2018.
The stock-to-flow (S2F) model puts bitcoin’s price post-halving at $50,000. Based on the current number of BTC in circulation, the bitcoin market capitalization at just under $1 trillion.
Thus, Draper’s forecast places bitcoin firmly in the league of assets like gold with market caps in the trillions of dollars range.
As previously reported by Bitcoinist, BTCC founder Bobby Lee believes the bitcoin price could reach $200,000 “in a very short time.”
According to Lee, bitcoin hitting $20,000 again will be the trigger for an even greater parabolic advance that would see the BTC all-time high (ATH) price entering a new order of magnitude.
For Draper, bitcoin provides a viable alternative to fiat currency as currency and government distrust will drive more people into
During the interview, founder of Draper Fisher Jurvetson (DFJ) Venture Capital highlighted the situation in Argentina as an example of how people will make the pivot from fiat to BTC.
Back in March 2019, Draper made a wager with Argentina’s President over the price of bitcoin.
During the interview, Draper declared that there was still work needed to be done to make bitcoin easier to use.
The DFJ chief who is himself a bitcoin owner says ease of use will draw more people into adopting cryptocurrencies.
Back in February 2019, Draper predicted that people will be using bitcoin to pay for coffee by 2021. He was even part of $1.25 million investment round for OpenNode — a bitcoin payment processor startup, in late 2018.
Fellow billionaire and bitcoin Jack Dorsey earlier in September noted that why bitcoin appears primed to become the native currency of the internet, it is still some way off from achieving such heights.