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.