Bitcoin’s stability is really positive atleast that’s what the crypto bulls believe. According to many these stable levels are a strong base from which Bitcoin will bounce back to new highs. This is exactly what even venture capital billionaire Tim Draper who has predicted Bitcoin to touch $250,000 by 2022.
Tim Draper feels Bitcoin can radically transform government
At the Crypto Invest Summit in Los Angeles, Draper told AMTV he believes that the price of Bitcoin is still on track to hit a quarter of a million dollars by the year 2022. He said that he was sticking to his prediction largely because Bitcoin lacked the political nature of paper money backed by governments.
To quote Draper
“So right now, there’s $86 trillion of political currency. They call it ‘fiat’ currency, but it’s political. And I believe that that currency will slowly be eaten up by a better currency which is global, decentralized, frictionless. It’s just better currency. Bitcoin’s a better currency. And I think Bitcoin will be one of five [cryptocurrencies].”
According to Draper, cryptocurrency and blockchain technology have a potential to do more than eat up the value of the traditional currency. He also believes that cryptos also offer a transformational opportunity to change the way governments around the world work and do business.
Quoting Draper again
“I think that government can be transformed in this big, huge way. Which is, you put all those technologies together. You have a token that’s global and decentralized. The token is now on a perfect ledger called the blockchain so you don’t require all this special accounting because the accounting is already done.
And then you can build smart contracts so that all these contracts are built into the cloud so that whatever is supposed to happen in a contract happens. And then you have all that big data. You have the ability to take that data, add artificial intelligence to it, and make decisions. Think about what a bureaucrat does. You can replace the entire bureaucrat with artificial intelligence, a smart contract and the blockchain.”
ShapeShift CEO Erik Voorhees also had his word in favor of bitcoin when he tweeted about how Bitcoins model of operation was so mathematical & civilized while the governments were political & antiquated.
Bitcoin’s inflation schedule is set for the next 100 years: transparent, unwavering, and known to all parties. US Dollar’s inflation schedule is unknown even 1 year out: opaque and manipulated quarterly. One model mathematical & civilized; the other political & antiquated.
— Erik Voorhees (@ErikVoorhees) October 28, 2018
All are aware of the potential the bitcoin holds, it’s just one has to observe the implementation and acceptance. If implemented and accepted well Bitcoin would definitely soar to newer heights.
What do you think about this target set by Tim Draper? Do let us know your views on the same
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Divya Bhatia from Computer science background is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]