While Bitcoin battles hard to move up beyond the $4,000 mark, the crypto seems to have achieved a consolidation point with the possibility of a short-term rally. One of the popular crypto investors and enthusiasts offering his input on the matter is Tim Draper. Tim is a pro-Bitcoin venture capitalist that has been quoted multiple times in the past, and according to him, now is the best time to accumulate Bitcoin before its price heads to the moon.
BTC’s Long-Term Bulls
On the other hand, long-term prospects seem to be holding up as various large investors expect a serious rally in the next few years – ideally 3 to 5 years from now. According to Tim, Bitcoin is headed for a massive price hike in the next few years. In fact, according to him, the top coin could move up to roughly $250,000 by 2023.
At that price, cryptocurrencies would account for about $5 trillion of the world’s capital flow. That’s around 5% of the global economy. Tim shared his bullish views when he spoke to a media outlet known as Forklog.
Payment Solutions To Increase Adoption
However, Tim intimated that the next crypto bull run may not be as sharp as the peak of December 2017, but it will be stable and steady. By this time, cryptocurrencies will have achieved considerable adoption and became part of the people’s global economy. Tim went ahead to confirm his belief that Bitcoin’s value is largely influenced by market forces, although there have been reports of banks and other rival financial institutions trying to stifle the crypto’s price to prevent it from eclipsing them.
Still, Bitcoin seems all poised to break into the general market, especially with the introduction of new and more efficient payment solutions like the Lightning Network and OpenNode. These new systems ease the transacting process and make the crypto more appealing to use as a means of value exchange.