Veteran Wall Street investor Tim Draper is no stranger to the cryptocurrency community. Every few months, Draper makes a new (or at least revised) Bitcoin price prediction. However, recently Draper made what is possibly his boldest Bitcoin price prediction to date.
In 2-Years, Everyone will be Using Bitcoin
Talking to Fox Business recently, Tim Draper echoed the views of Twitter CEO Jack Dorsey. Specifically, by stating that in just 2-years, Draper expects to see Bitcoin adoption levels skyrocket.
“We’re two years away from everyone using bitcoin,” said Draper. This means that in just 24-months, Draper expects to see Bitcoin transactions become as commonplace as regular Visa, MasterCard, and fiat cash transactions. The only question is, how likely is this to happen?
Mass Adoption will be Huge for Bitcoin
Tim Draper and Jack Dorsey’s recent Bitcoin price prediction is significant for two reasons.
People have traditionally been encouraged to buy Bitcoin to invest, based on predictions that institutional investors will soon start investing in Bitcoin. Sadly, an explosion in institutional investment still hasn’t happened. The good news, though, is that mass adoption will also drive the Bitcoin price upwards. Moreover, there is evidence to suggest mass adoption is close at hand.
Social Media is Set to Transform the way People Use Bitcoin
To understand why Bitcoin mass adoption might be just around the corner, we need to look to social media. Recently, for example, Twitter introduced it’s Square powered Cash App to users. This allows people to buy Bitcoin, sell Bitcoin, and send Bitcoin to other Twitter and Square Cash App users.
To some, the Square Cash App might seem like a novelty. However, inspiration for social media cryptocurrency payments originates in China.
In China, 78% of people prefer to send payments via China’s WeChat mobile app, rather than via banks or other payment processors. Because of this, Western social media apps like Twitter and Telegram, are racing to implement similar secure payment systems. More importantly, in the case of Twitter and Telegram, both apps support using Bitcoin and other cryptocurrencies to send and receive payments.
- Using cryptocurrency to send and receive payments helps users avoid fiat currency exchange rates
- Bitcoin and cryptocurrency payments incur lower fees
- Social media platforms stand to profit significantly from introducing cryptocurrency payments, as doing so taps the lucrative early investor market
Samsung is Also Showing Support for Cryptocurrency Payments
Social media apps aside, leading smartphone manufacturer Samsung, is also about to help cryptocurrency payments become the norm among smartphone users.
Samsung’s latest flagship phone the Samsung Galaxy S10, will include out of the box support for Bitcoin and other cryptocurrency payments. This will introduce millions of Samsung device users to cryptocurrency for the first time. Moreover, doing so is potentially lucrative for Samsung. – Specifically, because it gives Samsung significant leverage over Apple and apps like Apple Pay.
Tim Draper’s Bitcoin Price Prediction is Bold but Achievable
Tim Drapers recent Bitcoin predictions may seem far fetched to some. However, support for broader cryptocurrency adoption by Samsung and social media platforms will help Bitcoin benefit from faster mainstream adoption. The only question is, will you be one of the lucky few to invest early?