Selling Bitcoin [BTC] for fiat is “reverting to the past”, states Tim Draper

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Tim Draper made another bullish forecast about the price of Bitcoin [BTC] He also believes that fiat currencies will end up being a thing of the past.He stated:

“Price-wise, we’ll continue to see Bitcoin move higher. I’ve revised my price quote up to $250,000 4 years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022.”

He stated that he is putting his bets on cryptocurrencies increasing the speed of cash, anticipating that the cryptocurrency market will strike $140 trillion within the next years. He said:

“I expect that given that cryptocurrencies will increase the velocity of cash, the present $86 trillion worldwide market for currency will grow to be about $140 trillion in the next 10 years, which development will be in crypto. I approximate that fiat currencies will really decrease in usage, and that crypto will end up being as much as $100 trillion of that market. I expect Bitcoin to be about 10% of that market, or $10 trillion. There is a lot of room to grow there.”

He anticipates that the world would move into the cryptocurrency area, not for saving worth, as it is utilized for today, but as a way of negotiating worth. He stated that in four years people will begin paying in cryptocurrency all over the world.Draper priced estimate

the problem with Bitcoin as being the little block size which resulted in its inability to perform microtransactions. He referred to second-layer scaling services such as Lightning Network to make the Bitcoin blockchain preferable for smaller payments. He specified:

“Fiat currency will eventually end up being as passé as aiming to spend for coffee with pennies.”

He likewise mentioned that liquidating his portfolio would be moving back to the past, adding that he has no interest in doing so. He stated:

“I have no interest in offering my Bitcoin. Exactly what would I sell it into anyway? Moving from crypto to fiat is like trading shells for gold. It is going back to the past. I’m thinking long term I’ll utilize it, invest it, invest it, or simply keep it.”

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