The virtual Blockchain week is underway with many blockchain enthusiasts who participated in the event that will take place till May 2’nd. Tim Draper, an agile Blockchain follower, and a much-famed venture capitalist spoke about his trust in Bitcoin price prediction and that he believes its price will climb up to a six-figure. This is not the first time that Tim Draper is making such bold claims. In 2018, He made an equally bold statement that Bitcoin Price (BTC) would touch $250,000 by the end of 2022 or early 2023. Even in the virtual conference, he is sticking to his claims and mentions that he is self-assured that BTC will touch those figures.

But, all the heavy claims are not made without deep reasoning. Tim Draper believes that the huge Covid-19 stimulus package that the US government is funding will certainly cheapen or cripple the value of Dollar which will cause a movement of people towards crypto. Bitcoin being the most commonly used crypto will see mass adoption compared to the others. All this he believes will take place around the same time frame as he had mentioned earlier.

Draper in his address also talked about a company called OpenNode. It is a company that provides a sturdy platform that blends eCommerce and retail plug-in solutions, an easy payment infrastructure that will allow for instant settlements and newer payment models. Tim Draper has invested $1.25 million in the company and informed that OpenNode is working on building a Bitcoin payment gateway on the Lightning network for faster Bitcoin settlements.

Draper believes that the conventional models of transactions including the credit cards might go down as these faster and much more competitive modes of transactions will come into being. He is very confident that this initiative will grab a sizeable market share in a similar manner MasterCard and Visa took from American express. His prediction is considered fierce compared to what John McAfee as he jokingly promised to eat a raw egg if his prediction doesn’t materialize. With growing trends already favoring Bitcoin Price, it will be worth the wait to see whether Bitcoin truly lives up to the claims made for it.

Image Source – SiliconValley.com