Bitcoin Is Set To Outperform Fiat Money In More Use Cases
2019 was an excellent year for crypto and the underlying technology, the blockchain. There have been a lot of developments made in the crypto space, and 2020 is expected to be an even more successful year.
This new decade kicked off with massive price movements in the crypto space, and BTC managed to skyrocket above $9,100 so far.
Today, Bitcoin is trading in the red, and the most important coin in the market is priced at $8,670.95.
Tim Draper says fiat is about to disappear
During a recent episode of VC Hunting with Peter Saddington, Draper predicted the widespread adoption of Bitcoin over the next decade. More than that, BTC will be making cash obsolete, he believes.
“Once Bitcoin goes through some improvements, there is no way anyone will want to use fiat currency. I think it’s no more than two or three years out. And the reasoning is all these merchants don’t want to lose 4% every time you swipe your credit card. All of that engineering is being done. Some of it has been done, like Open Node and Lighting Network.”
He also said that BTC’s price surge would coincide with the tech developments that will be allowing BTC to compete with cash and outperform it in various use cases such as merchant payments.
“I think it’s no more than two or three years out. So my prediction was Bitcoin at $250K by 2022 or the beginning of 2023,” Draper added.
Bitcoin recent rally, powered by institutional money
Not too long ago, it was reported that there are various theories that are debated in the crypto space and that are said to have triggered the rally.
CCN writes that institutional money could be powering BTC’s ascent. They also wrote that in order for the rally to continue, institutional money still has to come to the crypto market.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.