Connect with us

Bitcoin

Bitcoin’s [BTC] valuation will reach $250,000 by 2023, claims Tim Draper

Biraajmaan Tamuly

Published

on

Bitcoin [BTC] valuation will reach $250,000 by 2023, claims Tim Draper
Source: Pixabay

The speculation over Bitcoin’s [BTC] future is a hotbed for debate among crypto-analysts and enthusiasts around the globe. At press time, Bitcoin was valued at $4,048, suggesting that the cryptocurrency market was going through a period of consolidation.

According to Tim Draper, a prominent venture capitalist and Bitcoin enthusiast, Bitcoin’s price could breach the $250,000-mark by 2023.

If the predicted price valuation was to come true, the collective market cap of the coin market could reach an estimated $5 trillion, which is roughly 5% of the global economy.

In a recent interview with Forklog, Tim Draper explained that the next bull run would be less impressive than the one witnessed in December 2017, but would have more stability and long-term credentials. Tim Draper considered fundamental factors like additional address growth and the development of the Lightning Network to make a price projection for the coin.

He also added that in a few years, cryptocurrencies would enter mass adoption and would become part of people’s global economy.



Draper also dismissed reports that banks and financial institutions were trying to stifle Bitcoin prices, and expressed confidence in Bitcoin making it to an important place in the general market.

Tim Draper was recently in the news when he predicted that in a few years, people would no longer prefer government-issued traditional money. Decentralized and non-government controlled currency would soon gain mass popularity, which would lead the younger generation to trust Bitcoin and other forms of cryptocurrencies over traditional fiat money, he added.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

Published

on

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending