He made these comments last week at the Malta K.I. & Blockchain Conference in a Q&A session. Here he explained that the Lightning Network will play a crucial role in ensuring that Bitcoin is used as a means of payment in the future.
Draper: Bitcoin reaches US$250,000 in 4 years
In this context, he also reiterated his previous forecast that the Bitcoin price would climb to 250,000 US dollars by 2022 or 2023. “I’m convinced that Bitcoin payment service providers will open the door to mass market success,” Draper said. When asked why he believes Bitcoin could benefit from such a development in the next three to four years, he replied:
“This is because the Lightning Network, OpenNode and some other payment services will allow us to use Bitcoin quickly and easily. Then it will no longer be just a store of value, but can also be used for payment transactions such as in shops or anywhere else.
Bitcoin optimism grows
Strictly speaking, however, the Lightning Network is not a payment service provider in the traditional sense. Rather, it is a block chain connected in parallel to the Bitcoin network to which payment transactions can be outsourced in order to make them faster and cheaper. The fees for a Bitcoin transaction on the Lightning network are therefore much cheaper and amount to only about 0.00008788 US dollars.
As Cointelegraph has previously reported, Draper is one of Bitcoin’s biggest advocates, constantly promoting the market-leading crypto currency and making daring price forecasts. He had even described his forecast of 250,000 US dollars in September as “conservative” and claimed that Bitcoin could exert considerable influence on world politics in the future.
Other voices in the crypto industry are now even following Draper’s lead, such as Bobby Lee, founder of the BTCC crypto exchange, who predicts that Bitcoin will climb to 500,000 US dollars by 2028.