Toward the end of last year, many experts started calling for a Bitcoin bottom as reported in our crypto news outlet. This year, Bitcoin seems to have bottomed out marking the end of the bear market and the beginning of a new cycle that would be marked by a back to back Bitcoin bull run. So, the answer to the question; is Bitcoin dead, is no. Bitcoin is not dead. If Bitcoin is not dead, what does the future hold for the flagship cryptocurrency and the entire market? Well, the Bitcoin billionaire, Tim Draper believes the future is bright.
Tim Draper is one of the most confident Bitcoin traders in the world. During his latest YouTube interview, the billionaire said that the price of Bitcoin will hit $4 million. The interview was posted by TheBitcoinOfCryptoStreet. He reassured the public that he is certain that Bitcoin will become more valuable than fiat currencies. In his words;
“Here’s the way I look at it. There is about $100 trillion worth of fiat currency out there. Fiat currency is poor currency. It’s tied to political whims. It’s tied to political parties. Bureaucrats control it. It’s not really that good for you, and all of the new best, brightest engineers are working on cryptocurrencies. And so my belief is that over some period of time.”
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“I don’t want to go into it in too great of depth, but at some period of time the cryptocurrencies will eclipse the fiat currency. So we’re looking at about 1,000x on what we’ve got now.”
While Tim Draper didn’t specifically say that Bitcoin will hit $4 million, his prediction about the rise of cryptocurrencies says in all. If the cryptocurrency industry rises by 1000 times from its current level, the price of Bitcoin which is currently $4,000 will be about $4,000,000. When asked to go into details about the time this prediction is expected to materialize, Draper said that he isn’t going to put a timeline on it but he is certain that this day would come.
He said that when this time comes, Bitcoin would become so popular that people would be using it more than fiat. He concluding by making reference to the Starbucks Bitcoin coffee deal that is going to allow people to buy coffee with Bitcoin. In his words;
“I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using Bitcoin or other cryptocurrencies. They’ll laugh at you – it will be like the old lady paying out with pennies.”
Another bitcoin bull market is coming in 2019, says Fundstrat’s Tom Lee
According to the Cnbc; Fundstrat Global Advisors strategist and known bitcoin bull Tom Lee — who in December valued bitcoin between $13,800 and $14,800 — says this year could bring about a comeback for the cryptocurrency, thanks to favorable macroeconomic trends.
“I think 2019′s a year about repair,” Lee said Thursday on CNBC’s “Futures Now.” “We have a risk-on rally in global markets that’s positive for bitcoin; it was a headwind last year. And the dollar isn’t surging like it was last year. That’s a headwind that’s gone away.”
And while Lee also noticed that bitcoin’s technical indicators are stabilizing, with the digital currency managing to hold above its 200-week moving average, his thesis centered on the bigger picture.
“The real story is the fundamental one, that bitcoin’s becoming quite useful,” he said. “We’ve seen the launch of digital currencies by not only J.P. Morgan and Mizuho Bank, but also Facebook and some social media companies gearing up. And, of course, in places like Venezuela, where bitcoin’s become very large and widely used, turmoil is causing adoption growth. So I think these are really setting up for a strong … year. ”
Increased awareness around cryptocurrencies may also bring them closer to becoming an official asset class, a shift that is already starting to take shape, Lee said.
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