Tim Draper Thinks Coronavirus Pandemic May Be Bitcoin’s Tipping Point
The coronavirus pandemic has caused the stock market crash thereby leading to a bailout bill of $7 trillion to save the economy. Tim Draper spoke in an interview on April 6 about the possibility of innovations like BTC and smart contracts to prosper due to the current economic situation.
Draper appeared skeptical about the government’s infinite money printing bailout plan. He thinks that the money wouldn’t pervade the global economy until many years later.
People will start considering Bitcoin because of its fixed supply as compared to fiat which central banks keep printing, says Draper. According to him, people take Bitcoin as a currency everyone can agree on, lacking friction, open, transparent, and global.
Draper thinks that innovations like Bitcoin, smart contracts and artificial intelligence will promote competition among authorities to embrace virtual system. This will eventually help people to enjoy free life wherever they are, says Draper.
Bobby Lee is here again with another forecast. He is looking forward to $10k after the reward halving. He said it will become $25k by December 2020.
In November 2019, Lee predicted a price of $500k by 2028. The halving event will take place in about a month and several market participants are looking forward to higher prices based on history.
Lee mentioned the past halvings that led to price upsurge. He said price will always increase when fresh supply is slashed by 50 percent with the same or increased demand. He is anticipating increasing demand for cryptos in the weeks ahead as Bitcoin’s inflation is reduced from the halving.
Lee thinks that these conditions will make the price of Bitcoin to surge above its lifetime high, specifically, a fresh all-time high of $25k by Dec. 2020. Nonetheless, there are different price expectations from several experts concerning the upcoming halving.
Featured Photo By Diarmuid Greene/Sportsfile via Getty Images. Source: Cryptopress.