By 2023 bitcoin will fetch a quarter of a million dollars – and it’s all down to the Lightning Network. That is, according to bitcoin advocate, and VC, Tim Draper.
During a Q&A last week at Malta’s AI and Blockchain Summit, Draper cited bitcoin’s Lightning Network – an initiative focused on fostering instant bitcoin payments – as a catalyst to $250,000.
🔥 Tim Draper’s 2022 prediction 🔥
— Tippin (@tippin_me) November 12, 2019
I think bitcoin payments processors are really going to open the floodgates.
This isn’t a new prediction. Draper has touted the 250,000 figure previously, remarking that it may even be underestimating bitcoin’s potential.
Reiterating this position, Draper expanded, highlighting the prospects of the Network and bitcoin processors such as OpenNode:
It’s because of Lightning Network and OpenNode and maybe others that are allowing us to spend Bitcoin very freely and quickly, so that it’s not just a store of value, but it can be used for micropayments; it can be used for retail, it can be used all over.
The Lightning Network: Boom or Bust?
Aiming to simultaneously create instant transactions for little to no fee, the Lightning Network promises to be one of the most integral components of bitcoin’s development.
However, at present, the initiative is plagued by bugs. Back in September, developers discovered a flaw in the network, which allowed for the spending of artificial BTC. The bug wasn’t immediately disclosed, leading to a loss for many and resulting in backlash.
People were unknowingly accepting Lightning bitcoins that weren't actually backed by real bitcoins. These people wouldn't even find out until they went to withdraw their coins from the Lightning Network (i.e., close the channel). 1/2https://t.co/K3ZnqibeLj
— Peter R. Rizun (@PeterRizun) September 27, 2019
While it aims to bolster bitcoin, the lightning network might need to work out a few kinks beforehand. As for Drapers predictions, 2023 may be a little optimistic.
Featured Image Credit: Photo via Pixabay.com