Innovation is the key to Bitcoin’s tipping point, according to crypto bull and billionaire Tim Draper.
Joining a Q&A session at this year’s Malta AI & Blockchain Summit, the venture capitalist identifies all types of Bitcoin spending via the Lightning Network and similar protocols as the catalyst that will push the price of Bitcoin higher and higher, grazing $250,000 by 2022 or 2023, nearly 30x from its current price of roughly $8,668.
Draper, who purchased about 30,000 Bitcoin at $632 per coin in 2014, predicted earlier this year that Bitcoin would nab 5% of the world’s assets. He’s doubling down on his insights into the evolutionary technology and now says Bitcoin can grab 20% of the world’s currency.
Says Draper,
“It’s because of Lightning Network and OpenNode and maybe others that are allowing us to spend Bitcoin very freely and quickly so that it’s not just a store of value but it can be used for micropayments. It can be used for retail. It can be used all over. And then, boy, I believe long term it’s going to be 20% of the currency of the world and that could mean that it’s in the millions – the price of Bitcoin.”
Draper is a legendary venture capitalist who follows tech trends and has invested in several transformative companies such as Skype, Baidu, Hotmail, Tesla, SpaceX, AngelList, SolarCity, Twitter, DocuSign, Coinbase and Robinhood.
He adds,
“I think Bitcoin payment processors are really going to open the floodgates… and I continue to believe Bitcoin is going to hit $250,000 by 2022 or 2023.”