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Bitcoin Price Dipped Below $8000, Investors Reassure Its Far From Dead

  • Tim Draper: I think bitcoin payment processors are really going to be open the floodgates.
  • Tom Lee: Bitcoin will need to pass $150,000 per bitcoin before a long-awaited bitcoin exchange-traded fund could work.
Tim Draper
Bitcoin plunged below $8000 on Thursday hitting its lowest level in nearly a month.
The downward pressure is being caused by a divergence of investment strategy across all asset classes, which has created indecision and cautiousness," Luno CEO Marcus Swanepoel wrote in a note earlier this week.

Bitcoin investor and venture capitalist Tim Draper said.
"I think bitcoin payment processors are really going to open the floodgates," speaking during a Q&A session at the Malta AI & Blockchain summit earlier this month and reiterating he expects the bitcoin price will reach a quarter of million dollars by 2022 or 2023.

Changpeng Zhao the Chief executive of the world's largest bitcoin and crypto exchange by volume Binance, said he expects the bitcoin price to rise simply as the bitcoin industry grows.

"If you look at the fundamental technology and a longer-term view, across a five year or ten-year horizon, we're very confident the industry will get bigger and when the industry gets bigger the prices will go higher," changpeng Zhao told Blomberg.

Tom Lee the cryptocurrency analysis on his own said bitcoin will need to pass $150,000 per bitcoin, a rise of over 1,600% from current prices before a large-awaited bitcoin exchange-traded fund (ETF) could work.

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