Bitcoin bull: Lightning Network will push Bitcoin to $ 250,000 by 2023

Bitcoin (BTC) could be worth millions after 2022 as payment processors allow for easier transactions, Tim Draper predicted.

Speaking during a Q&A session at Malta’s AI & Blockchain Summit last week, the crypto venture capitalist said innovations like Lightning Network will be key to pushing Bitcoin’s price higher.

Duplicate the previous claims, Draper added that he still believes BTC will reach $ 250,000 by 2022 or 2023.

He summarized:

I think Bitcoin payment processors will actually open up massively.

On the subject of why Bitcoin will hit new records within the next three to four years, Draper said:

That’s because Lightning Network and OpenNode and possibly others are allowing us to spend Bitcoin very freely and quickly, so that it is not just a store of value, but can also be used for liquidity. small math; It can be used for retail, it can be used all over.

While not a payment processor in the narrow sense, Lightning facilitates almost instant BTC transactions between nodes through channels with near zero cost. As a result, the fees for Lightning transactions can be much cheaper than on-chain transactions – for just one satoshi (around $ 0.00008788).

As reported, Draper has long been one of Bitcoin’s biggest bulls, joining John McAfee in making sky-high price predictions.

In September, he even went as far as calling the $ 250,000 number conservative, adding that Bitcoin would cause significant geopolitical upheaval.

Other voices have joined Draper in price beliefs, with BTCC exchange co-founder Bobby Lee last week announcing that BTC will be worth around $ 500,000 by 2028.

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