- Changpeng Zhao, the CEO of cryptocurrency exchange Binance, invited Tim Draper, founder of Draper Associates, for lunch.
- In an interview on CNBC, Draper begins by talking about his prediction that Bitcoin will hit a price range of around $250,000 in about 2-3 years.
- Draper talks about the reason for why he predicts that the cryptocurrency will jump from its current trading point of $9,341.
Changpeng Zhao, the CEO of cryptocurrency exchange Binance, invited Tim Draper, founder of Draper Associates, for lunch. Zhao is impressed by Tim’s admiration for Bitcoin and his endorsement of the famous cryptocurrency as the future of money.
Zhao says that “some people don’t get it, but some do,” acknowledging that Draper seems to understand where Bitcoin is headed in the near future and invited him to lunch, presumably to converse about their optimistic expectations about the cryptocurrency world and where Bitcoin will take us.
— CZ Binance ??? (@cz_binance) February 25, 2020
In the quoted video from an interview on CNBC, Draper begins by talking about his prediction that Bitcoin will hit a price range of around $250,000 in about 2-3 years. This is a general market prediction that most optimistic analysts have made for Bitcoin prices in the next couple of years.
Draper talks about the reason for why he predicts that the cryptocurrency will jump from its current trading point of $9,341 (as of press time) to nearly 25x that price in a short time.
He says that soon, the world will start realizing the potential behind using Bitcoin as a primary form of transaction, and the cryptocurrency will really “take-off” and become the “currency of choice” for most people.
Right now, users have a choice of fiat currencies, credit, debit, etc. in order to make payments and the main barriers to using cryptocurrencies like Bitcoin, lie in its speed and accessibility.
There are already protocols that are currently being tested that makes Bitcoin micropayments much quicker, like the Lightning Network, and once it becomes more accessible, Draper believes that people are going to choose to make Bitcoin payments rather than traditional payment forms due to the higher transaction fee cuts.
He believes that Bitcoin will be “frictionless, open, transparent, global, and not tied to any political force” and that when people realize that they are going to jump ship to Bitcoin and the value of the currency will skyrocket towards the prediction that Draper has put forward.
The host of the show then asks Draper how much of his net worth he holds in Bitcoin to which Draper responds that he has a large amount of his worth in Bitcoin because he’s a firm believer in the trajectory Bitcoin is going to take short and stands to profit off it.
“Long-term, people move to things that are better,” says Draper on the future of Bitcoin and hopes that the world soon realizes the benefits of Bitcoin and how much it outweighs any other form of payment.