It is common to see predictions for Bitcoin. However, the recent prediction by Tim Draper has really set a new high. At the moment of writing, Bitcoin has crossed $10,000. The change is not much in the past week or so. The stable price can be because of no bad or good news that can help price to move. The growth has been stable as well. These sideways swings are clear indications of a bull run in the market.
Tim Draper, the famous venture capitalist told Bloomberg that it can reach staggering $100,000. That’s 10x growth from the current price. It does seem plausible if you see the past price movement for Bitcoin. The recent dip of 64% from all-time high of $19,000 has been detrimental to many new investors. However, Bitcoin has always bounced back.
Tim Draper is the same guy who predicted that Bitcoin will reach $10,000 in three years. We have just witnessed it ourself and it might be possible that his $100,000 prediction can also come true in the near future.
His predictions are not all about the graphs, but how he sees cryptocurrency as the future. He predicts that the market will be dominated by crypto coins rather than fiat currency. At the time of writing, the fiat currency is around $86 trillion. In comparison, the market cap of cryptocurrencies is only hovering around 0.5T. The difference in the market cap itself leaves a lot of growth potential and there is huge possibility that the mark can be hit.
In the interview, he also mentions the reasons for Bitcoin to boom beyond current levels. He said that Bitcoin is truly decentralized and anyone can use it. Also, the fact that government cannot control it, makes it even stronger. The last aspect that can truly make Bitcoin shine is the make banking system obsolete.
Overall, things do look promising for Bitcoin as of now.