CRYPTOCURRENCY: Another shock prediction for Bitcoin – Although Bitcoin has once again broken down to the $ 30,000 level, some analysts maintain their predictions extremely bullish
Another shock prediction for Bitcoin – Although Bitcoin has once again broken down to the $ 30,000 level, some analysts maintain their predictions extremely bullish. The leader of this movement is analyst PlanB, having democratized the use of the stock-to-flow model within the cryptosphere. According to this model, Bitcoin is expected to cross the $ 100,000 mark before the end of 2021. Another longtime Bitcoin evangelist also reiterated his optimistic predictions this week: Tim Draper.
$ 250,000 for Bitcoin, yes, but on what basis?
As early as 2018 , Tim Draper had claimed that Bitcoin would reach $ 250,000 by 2023 . At the time of the initial declaration, this price level was deemed largely unattainable. Indeed, Bitcoin had just come out of a bullish cycle and then collapsed towards $ 8,000 . Nevertheless, 3 years later, Tim Draper reiterated this prediction in an interview:
“Yes, I stand by my prediction. $ 250,000 per bitcoin by the end of 2022 or early 2023. We have had many ups and downs and we will continue to experience them, but the global, reliable, decentralized, frictionless, open and transparent network that is Bitcoin will become more and more widespread as applications evolve. “
— Tim Draper (@TimDraper) July 17, 2021
“For me, Bitcoin represents freedom and trust. Many people around the world are already taking advantage of the economic systems that can be built around Bitcoin. Small movements are nothing compared to the constant degradation of the Nigerian or Argentinian currencies. And as the government continues to print dollars, Bitcoin is a contemporary hedge against inflation. “
Although price predictions in the cryptocurrency industry are commonplace, some statements carry more weight than others. This is particularly the case of Tim Draper who displays an unfailing optimism when he talks about Bitcoin and has done so for several years.
In 2015, when Bitcoin was worth less than $ 500, the venture capitalist accurately predicted that the asset would exceed $ 10,000 by the end of 2017. 2 years later, the investor saw Bitcoin greatly exceed $ 18,000. It will therefore be necessary to think twice before definitively dismissing Draper’s predictions.