Explaining the importance of Bitcoin Tim Draper, Founder and Managing Director of Draper Fisher Jurvetson tells:
“Long term, Bitcoin is so important to the world economy that I suspect the price will continue to rise overall. Although, I expect to see fits and starts. The importance revolves around global liquidity and simplified and lower cost, lower friction cross-border transactions.”
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Tim Draper says:
“I think Bitcoin is now a global phenomenon, so demand for Bitcoin is coming from all over the world. I know that China is using Bitcoin to more easily send money to other countries, and the people of challenged countries like Argentina and Cypress flee to Bitcoin when their own currencies are no longer viable or if they are inflationary. Throughout Africa, Bitpesa makes it easier to buy and sell goods with Bitcoin.”
“This year's all-time high may not have been hit yet. I'd expect that resolution of the network combustion and a wave of newcomers to Bitcoin will add to Bitcoin price growth.”
Gaurav says:
“Since April, we have seen a movement towards this stage, with the most recent run being longer and steeper than any run before it. In this case, if Bitcoin continues to quickly recover and resume a fast growth, we would see it around $10,000 within a year. Otherwise, if it goes back to a slower growth more consistent with the past two years`, it would “only” become around $3,000 within a year. In the long term, if the scaling issue gets solved, we may see it well above $10,000 sooner or later in any case.”
Another aspect is the fact that Bitcoin is now officially used as a means of payments in Japan, which increases demand and with more countries including Australia to follow, whereas Russia and India are aiming to start regulating Bitcoin. There are several countries from which a new Bitcoin popularity can further increase its price.
What are your opinions on this feel free to share.