COVID-19 May Offer Bitcoin a Turning Point According to Tim Draper

News / 08.04.2020

A $7 trillion bailout had to be raised to prevent a stock market crash and therefore economic collapse caused by the coronavirus pandemic. During an April 6th interview, Tim Draper voiced the possibility of innovations like BTC and smart contracts to thrive due to the current economic situation.

Fixed Bitcoin Supply

Draper has expressed skepticism regarding the infinite money printing bailout plans by governments. He believes that fiat money won’t pervade the global economy indefinitely. At some point, people are bound to start considering Bitcoin usage thanks to its fixed supply as compared to fiat money’s continuous printing. His view is that Bitcoin is accepted as a currency that lacks friction, is open, transparent, and global.

According to Draper, competition amongst authorities geared towards the adoption of innovations like Bitcoin, smart contracts, and artificial intelligence will rise. The effects of this will be the ability by anyone to enjoy life in whichever locale.

Optimism in BTC price

The renowned Bobby Lee gave a forecast to the same effect. He sees a BTC price of $10k after the reward halving, possibly rising to $25k by December 2020. Lee’s November 2019 prediction was a price of $500k by 2028. The halving event, which is about a month away, has several market participants anticipating higher prices based on history.

Regarding previous having’s and resultant price upsurges, Lee see nothing but increased prices. Prices are always expected to increase when coin supply is reduced by 50 percent facing similar or higher demand. His expectations are increased crypto demand as Bitcoin’s inflation drops after the halving.

According to Lee these conditions are conducive for a Bitcoin price surge above its lifetime high. To be more precise, a new all-time high of $25k may occur by Dec. 2020. There are however different price expectations from several experts with respect to the upcoming halving.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.