Tim Draper, a well-known investor and Bitcoin (BTC) proponent, remains optimistic about the future of the leading crypto currency. He believes that Bitcoin could reach $250,000 by 2023, an increase of 2677 percent over the current price.
Bitcoin to $250,000 by 2023, is that possible?
Billionaire and prominent Bitcoin supporter Tim Draper spoke to the audience last week at the Malta AI & Blockchain Summit and confirmed his previous forecast for the BTC price, which is expected to reach $250,000 in the near future. According to Draper, the high price per BTC can be achieved by increasing the use of the Lightning Network, which he believes will continue to be the case in the future.
As a global investor, he is an important investor and still shares the opinion of many crypto enthusiasts that BTC is not only a store of value, but can also be used for things of daily life – micropayment, retail, etc., i.e. it is perfect for acceptance.
The Lightning Network is a second-tier scaling solution developed for Bitcoin that would allow it to scale and process micropayments and reduce congestion in Bitcoin’s main block chain. Currently, the Lightning Network has a network capacity of 820.27 BTC and 34,788 channels open between 10,415 nodes.
While this may seem a less conservative price forecast, other crypto currency figures such as John McAfee believe Bitcoin could rise to $1 million next year. It should always be borne in mind that the Bitcoin will halve in May next year. While demand for Bitcoin appears to have a greater impact on Bitcoin’s price than supply reduction, it is certainly one of Bitcoin’s bullish features.
Halving reduces miners’ rewards from 12.5 BTC per block to 6.25 BTC per block. In this way, as demand for Bitcoin increases, a smaller number of BTCs will be available for sale by miners.