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

Biraajmaan Tamuly

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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.





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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.

Analysis

LocalBitcoins see steady trading volume in Russian Ruble following cash-trades exodus

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LocalBitcoins see steady trading volume in Russian Rouble following cash-trades exodus
Source: Unsplash

LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest. Three weeks on, some defiant trends have been noticed.

According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement. With many expecting a drop in volume, other top countries have also seen the absence of an immediate plummet, with Moscow being the stand-out.

The first week of June saw a notable high of RUB 1,174 million in volume owing to the native currency, while the aftershock of the announcement dropped the same down by to RUB 1,104 million by the second week. The next two weeks saw the volume surge back to its May 2019 heights, with the week beginning on June 22 recording a volume of RUB 1,188 million in volume.

Source: CoinDance

On the basis of the above data, Russia is indeed a positive LocalBitcoins market.

The Finnish exchange has also been popular in South America, with its weekly volumes doing exceedingly well in the markets of Colombia, Venezuela, Peru, Chile, and Argentina, with Brazil, the only Latin American country left-out.

Buenos Aries saw its weekly volume from the initial weeks of June to mid-June drop from $13.71 million to $10.53 million, following the cash-removal announcement. In terms of the Colombian Peso, CoinDance stated that the number for the same was $9.98 billion towards the close of May 2018, and dropped to $7.16 billion by the first week of June. However, the same has since stabilized to stand at $9.2 billion.

LocalBitcoins began mulling the possibility of phasing out fiat currency trades following its inclusion under the supervision of Finland’s financial watchdog, the Financial Supervisory Authority [FSA] in March 2019. This inclusion was made days after Finnish legislators stated that cryptocurrency-based assets would be given legal status under the law. However, the act will officially come into force later in November 2019.

Additionally, several changes were made to the country’s Anti Money Laundering [AML] laws and Countering Financial Terrorism Act [CTF], which would require the exchange to follow the stated guidelines.

 





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