Bitcoin, Crypto currency, Blockchain

Bitcoin Price predictions: Tim Draper of 250,000 USD, McAfee 1 Million USD – What is it?

For a long time, it has become quiet, to experts who have previously taken say for the Bitcoin price. Now, where is the market of the first signs of a recovery, it seems that it is again in the Trend to make Price predictions. We have collected votes, comments, and amounts of the last few days and investigate the reasons in fact, for a long-term increase in the price of Bitcoin could speak.

One of the most well-known “pioneer” for Bitcoin price before John McAfee is saying. The Anti-virus Software pioneer and early investor in Bitcoin, made on 17. July 2017 forecast its first advance, when he prophesied that a Bitcoin by the end of 2017 5.000 US-Dollar value. 17. December 2017, the bitcoin price reached a High of just under $ 20,000.

At the end of the year 2017, the price of a Bitcoin closed at almost US $ 13,000. In his prediction confirmed, declared McAfee a little later that Bitcoin will be by the end of 2020 on a $ 1 Million value. To achieve this value would have to increase the price of a Bitcoin at a Rate of about 0.484% per day.

Tech Investor Tim Draper, also an early Investor in Bitcoin, predicted on Thursday on his “ Draper Block(chain) party“ in California, that Bitcoin will reach until 2022 at least $ 250,000. This would at least mean that the Bitcoin price increases, within four years, 30 times. Draper is a founding partner of Draper Associates and DFJ, an early Investor of Skype and the Chinese search engine giant Baidu. He bought almost 30,000 Bitcoins in 2014 the US Marshals Service auction, which he holds, according to information from November 2017.

Tom Lee, co-founder of the Fund, entered, declared these days that Bitcoin will reach up to the middle of the year, 20,000 US dollars and by the end of 2018 of US $ 25,000.

In the CNBC Show “Fast Money” on Friday, Brian Kelly, founder and CEO of BKCM explained with respect to the prediction of Tim Draper:

This is in four years. This is a return of 3,000 percent. In the last two years, Bitcoin had a yield of 4.000 per cent. It would be a continuation of this trend.

Kelly compared the crypto currency with the Internet in the 1980s and the early Internet companies like Cisco and Microsoft, continued to the stage of development of Bitcoin with the routers and Internet protocols Cisco in this time, and stressed that Bitcoin is still in its infancy.

Which could justify the predictions?

From our point of view, there are some objective arguments that could actually speak for a long-term increase in the price of Bitcoin. Whether the above predictions, but actually in their height explain, from our point of view at least questionable. Rather, they are estimates based on previous experience.

From our point of view there are following reasons to a long-term price increase of Bitcoin:

  • The adaptation of Bitcoin in the Mainstream takes to travel. Numerous web sites already accept payments in Bitcoin. Virtually weekly, new providers are added.
  • The number of Bitcoins is limited. Overall, the number is 21 million. With a world population of 7.5 billion people, of which 13 million millionaires in the world, should increase the demand for continuing adaptation and acceptance in the society.
  • The development of the Blockchain technology and, in particular, of Bitcoin is only at the beginning. At the moment Bitcoin is the cost due to the transaction and also due to the slow processing of transactions as an everyday means of payment rather unsuitable. With the Lightning Network should change this. This leaves a lot of room for further growth and a higher demand.
  • In the crypto-currency market-capital invested is compared to the traditional markets, such as Gold, stocks, or raw materials tends to be low. The crypto market has currently some technical and legal barriers ready, large investors make it difficult or prevent in crypto-currencies and Bitcoin investing. Once these hurdles are taken, it could be a new inflow of capital, the market has not seen in this magnitude.

All in all, it remains, in our view, therefore, the forecasts of the experts should not be taken at face value. Nevertheless, the crypto-currency market and, in particular, the “platzhirsch”, Bitcoin, is still much air upward.

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