bitcoin bull Tim Draper has always predicted soaring highs for the top cryptocurrency, but now he has veered from his valuation prediction to one that hinges on adoption. The billionaire predicted that the coffee chain, Starbucks Coffee, will accept bitcoin in another three years.
With cryptocurrency adoption increasing with each passing day, the relevance of fiat is dwindling, according to Draper. To his above prediction, he added that if one was to pay for their frappuccino with fiat currency, they would be laughed at.
Coincidentally, Draper’s crypto-coffee revelation comes in the same year, 2022, as his $250,000 price prediction of the top cryptocurrency. If his prediction does come to fruition, the price of a Venti frappuccino will be 0.00178 percent of bitcoin’s price in 2022.
What should be noted about Draper’s prediction, however, is not the price or the purchase of a $3 coffee with a $250,000 financial asset, it is the valuation drive. The bitcoin mogul predicted a retail acceptance of the top cryptocurrency, which will be a massive driver for adoption, and given Starbucks’ reach to international markets, this adoption drive will not be isolated.
Currently, bitcoin is seen more of a store of value and by some, as a ‘risky bet,’ but not a lot of people outside the cryptoverse see digital assets as a means for retail payments. Certain cryptocurrencies like XRP have broken that barrier, and have been used in payments, but more in the banking and institutional finance fields and less in retail.
Draper’s claims will provide impetus to the cryptocurrency industry to develop more platforms that help push bitcoin and other cryptocurrencies into traditional markets.
Furthermore, the venture capitalist believes that bitcoin could be the store of value for more than two-thirds of all the world’s wealth, which equates to a lot of frappuccinos.
Starbucks joined Microsoft, the Boston Consulting Group and others in backing the Bakkt project, a digital assets platform spearheaded by the Intercontinental Exchange. The coffee chain is touted to play a huge role in encouraging customers to opt for mobile payment as opposed to credit cards, adding fuel to the Draper prediction fire.
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Published at Sun, 10 Mar 2019 19:32:53 +0000
