According to the recognized venture capitalist Tim Draper, Bitcoin (BTC) price surge would not be related to the halving that is expected to take place in May 2020. At the same time, he suggested Bitcoin could have five percent of the whole FX market in 2023.
Why Would Bitcoin Grow In The Next Years?
The whole crypto community is expecting Bitcoin to expand and reach new highs in the future. The last time that Bitcoin reached an all-time high was in 2017 and many investors believed the digital asset could be surging to a new record.
Draper, a recognized investor in the space, considers that Bitcoin price will be reaching $250,000 by 2022. Although many users consider the digital currency could be expanding due to the halving that is going to experience the next year, Draper mentioned that his forecast is not related to it.
In a recent interview, he mentioned that he is very confident about his $250,000 prediction. Back in 2014, he suggested Bitcoin could surpass $10,000 by 2017, which turned out not only to be true but also to be a conservative estimation.
On the matter, he commented:
“I am more confident of $250,000 by 2020 or the first quarter of 2023 than I am of the prediction of $8,500 on December 31.”
Currently, Bitcoin is being traded around $7,438 and it has a market capitalization of $134.54 billion. In the last 24 hours, the digital currency recovered part of the price lost and it expanded by 1.53%.
Furthermore, he said that he based his prediction on the creation of an infrastructure for Bitcoin to expand as a currency in the world. The infrastructure is expanding and this could be achieved in the future.
“My prediction was based on creating enough of an infrastructure for Bitcoin to get a 5% market share around the world as a currency,” Draper commented.
At the moment, the currency market is valued at around $86 trillion and in ten years this could grow by almost 40% to $120 trillion, which would be a large and massive market.
Moreover, he has also talked about Bitcoin Cash (BCH) and how he is in favour of building progress through decentralized manners. Draper has also mentioned that Bitcoin Cash has a large potential as well considering there are several recognized and bright individuals working on this project.