Billionaire venture capitalist Tim Draper predicted that in the foreseeable future, the Bitcoin payment platform (BTC) with support for multi-level processing of bitcoins, and with the support of the Lightning Network (BTC) OpenNode will be widespread.
Draper, a graduate of the Faculty of Electrical Engineering at Stanford University, believes that the Bitcoin network will be able to compete with the more well-established payment gateways, including those established by the VISA network.
Responding to a question about whether people are paying more attention to product development in a bear market (in a recent interview conducted by CryptoWendy), Draper confirmed that many companies are creating various crypto solutions to simplify the "movement of Bitcoin."
Commenting on when the mass adoption of cryptocurrency will occur, Draper said that many people are already using them right now. However, he explained that the market value of Bitcoin has not yet been established, so the price of pseudonymous cryptocurrency fluctuates quite strongly.
Responding to a question about whether he believes that the Alt-Coins make good investments, Draper noted that “those that will exist for a long time [they have already] come to the top” (in terms of market capitalization. He added that that this is something "we are seeing right now, and there are some alt-coins that are still under development. They will have a big impact on the global economy."
It is important to know the people behind cryptocurrency projects.
“Great success in cryptocurrency … if you want your money to work … [we need to see] who is behind [different] cryptocurrencies. If we do this, we will stick to the right currency when the time comes. ”
Commenting on the business model adopted by cryptocurrency entrepreneurs, Draper confirmed that the majority of companies engaged in digital assets and blockchains are startups. He acknowledged that Bitcoin and Ethereum (ETH) networks are recognized platforms, but most crypto projects are still in the early stages of development.
He further noted that “the great entrepreneurs of the world are those who approach this occasion. When the chips do not work, they continue to “stay focused and work on their projects.
Comparing Bitcoin with Altccoons, Draper said that "the time for gold is gone ." He noted:
“What will you use gold for when you can store value in bitcoins? This is complete rubbish. But I'm sure many people still use it, and they think of the gold standard as a good opportunity. But I look at it and say, why do you compare Bitcoin with gold? ”
According to Draper's estimate, people will eventually start spending their bitcoin assets when their fair value is established. He also confirmed that he adheres to his prediction of bitcoin prices of $ 250,000 by 2022–2023 and that this is not unrealistic, since the world's most dominant cryptocurrency will still be only 5% of global GDP at this price.