Tim Draper Reaffirms BTC Prediction Price of 250,000$ by 2022
In a panel discussion meeting held at the Web Summit Conference on Nov 6th, Tim Draper, venture capital investor once again reconfirmed his bullish price prediction of Bitcoin at $250000 by the year 2022 which translates into a return of 40 times within just 4 years.
It is to be noted that Draper already predicted this BTC price surge back in April of this year. In a public meet, Draper quoted the following lines "Believe it, it's going to happen - they're going to think you're crazy but believe it, it's happening, it's going to be awesome!". Another interesting fact to note is that Draper, back in 2014, when the price of BTC was around some 320$, clearly predicted that the price would cross 10k$ in 2017 (which actually happened).
Draper quoted the following lines "Believe it, it's going to happen - they're going to think you're crazy but believe it, it's happening, it's going to be awesome!".
When the host of Web Summit Conference asked Draper about his opinion on his recent Bitcoin price prediction, Draper replied the following: "Yes. We are talking [...] about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say 'I've got this choice.' [...] Do I want a currency that I can take from country to country [...] or do I want one that sticks me in one country or one geographic area and I can't use it anywhere else?"
Draper also raised his voice against trusting some strange "political currency" system(fiat currency) developed by some political party which favors their own needs. Banks can put these currencies into circulation whenever they feel like for whatever reason they need it. There is no governing body to control it. He explained saying that these new virtual currencies will help transfer the control of money from the banks to the common people.
Draper at GovTech Pioneers conference in May explained the positive change that the combination of Blockchain, Smart Contracts and Artificial Intelligence will transform the roles and responsibilities of a state. He said the following words during that meet: "If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy,"
Draper said, "Cryptocurrency will go after trillion dollar markets - these are finance, healthcare and insurance, banking and investment banking, and governments."
The other important prediction which he made in last September is the prediction of the total crypto market capitalization reaching 80 trillion dollars in the next 15 years. Draper said, "Cryptocurrency will go after trillion dollar markets - these are finance, healthcare and insurance, banking and investment banking, and governments." He also added that the overall fall in the crypto market in the last few months is because of people not recognising digital currencies as the new asset class and adopting them.