Venture capitalist Tim Draper is known for being bullish on Bitcoin (BTC), and he predicts it to hit $250,000 by 2023. He even sees the value of the king of cryptos' to be in the millions.

Speaking via a video call at the Malta AI & Blockchain Summit last week, Draper offered his reason for why he thinks BTC will inflate to $250,000 in a few years from now. The billionaire investor believes that the Lightning Network (LN) and OpenNode will play large roles in processing more transactions at a faster rate and will ultimately drive Bitcoin prices up.

Draper views women to ramp up BTC payments too, noting that women make up one out of every fifteen Bitcoin wallets, and they purchase 80% of their products on retail. He added that Bitcoin would be 20% of the currencies in the world, which by then would be worth millions.

Other Predictions

There are, of course, other major proponents of Bitcoin that share the same optimism towards the popular crypto. A particularly notorious prediction is for BTC to be worth $1 million by 2020 and is forecasted by none other than John McAfee.

£1 million worth

Another BTC Pollyanna is Crypto Hunter CEO Josh Riddett, who predicted last week that people would start pouring more money into the crypto after Brexit since it isn't affected by geopolitics. He believes that Bitcoin will also be more accepted paying for retail merchandise and compensating employees.

Digital Gold

One crypto believer who discredits BTC as a currency is David Marcus, the head Facebook Libra. Marcus thinks that Bitcoin is more of like gold rather than a medium of exchange because of the crypto's volatility. Marcus even said that because of that volatility, BTC is unreliable for making payments as it discourages people from using it for cross-border transactions.

Comparing Bitcoin to gold holds the crypto up to investment-like characteristics. In other words, people see it as something that appreciates in value which they can sell later for a higher price. Gold is readily accepted anywhere, but it's not used in day-to-day transactions.

bitcoin-2007769_1920 Bitcoin Photo: Bitcoin