Bitcoin Price to Reach $250,000- Tim Draper
During the Malta AI & Blockchain summit, billionaire and famouse bitcoin supporter Tim Draper confirmed his previous forecast that bitcoin price will hit $250,000 in the near future.
This time round, he explained that the price per one BTC; will rise through the growing use of Lightning Network and he clarified how it will happen from his point of view. Particularly, Lightning Network allows conducting bitcoin transactions easily. Draper said:
‘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.’
Moreover, Draper being a major global investor, he shares the opinion of many cryptocurrency enthusiasts that; bitcoin can store value and can also be used to pay fo things we use everyday. In his opinion, BTC is perfect for adoption.
Will BTC get to $1 million?
Additionally, on Novenber 13 crypto asset manager and trader Marius Landman tweeted that before Bitcoin hits $1million; it is bound to go through ‘super hyper inflation’, in which price drops by $20,000 will be considered insignificant. In addition, he also expects Bitcoin and Litecoin to show ‘subito motus’ (Latin for ‘sudden movements’) soon. He said that this will leave uninformed investors and technical analysts at a loss.
Bitcoin Price Bullish Sentiments Rising
Ideally, Lightning Network is not a payments processor, however, it facilitates almost instant BTC transactions between nodes via channels that cost almost nothing to use. The cost of Lightning transactions can, therefore, be much cheaper than transacting on-chain — just a single satoshi (approximately $0.00008788).
In conclusion, Other voices have since joined him in his BTC price belief. BTCC exchange co-founder Bobby Lee last week claimed that BTC/USD would be worth around $500,000 by 2028.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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