Bitcoin continues to turn heads as the crypto bulls prepare for an anticipated mega charge after trouncing the bears a week ago.
While most people believe Bitcoin will soar higher than the current $5k range, there are those whose predictions seem to exceed expectation and sound almost unbelievable. One of those people is Tim Draper, a venture capitalist based in the United States.
A few months ago, Tim was quoted as saying that Bitcoin has the potential to reach a staggering $250k price by 2022. Many would have expected Tim Draper to abandon his prediction amid the bear onslaught of the last few months.
Even now that the bulls are back and Bitcoin just reared its head above $5,000, a $250k price still feels a little off. Well, not to Tim. He still stands by his prediction.
Surge To Be Driven By Adoption
Speaking during an interview with YouTuber and crypto influence Wendy O, Tim Draper opined that the main driving force behind Bitcoin’s price surge will be adoption.
If developers can come up with innovative applications that ease the crypto’s use cases, Bitcoin will get adopted massively, and that will work to create demand and ultimately push up its price.
Slamming JP Morgan Chase
During the same interview, Tim Draper didn’t waste a chance at throwing a jab at JP Morgan Chase and the bank’s plan to introduce its own in-house cryptocurrency.
He particularly attacked the banks CEO Jamie Dimoni for his earlier hostility against cryptocurrencies. Now that crypto’s have proven invisible, Dimoni has decided to join the party. Tim doesn’t appreciate that.
JPM Coin Is Not A Threat To Bitcoin
Going forth, Tim said that the JPM Coin doesn’t really present any credible threat to Bitcoin as the de facto crypto market leader.
One good reason is that the JPM Coin is clearly created and controlled by a bank, making it a centralized system as opposed to Bitcoin’s decentralized and trustless setting. As such, people will shy away from using the bank’s crypto and favor Bitcoin in the process.