Billionaire investor and Bitcoin bull Tim Draper just revised his outlook on how high he thinks Bitcoin will rise.
Draper says he now estimates Bitcoin will reach $250,000 and hit a $10 trillion market cap by 2022.
“Price-wise, we’ll continue to see Bitcoin move higher,” Draper told The Street. “I’ve revised my estimate up to $250,000 four years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022.”
According to Draper, Bitcoin will overtake fiat currencies in the next five to seven years. He also touched on the security of the Bitcoin blockchain and cryptocurrency wallets.
“Security is one of the best features of cryptocurrencies. The Bitcoin blockchain hasn’t been hacked, but banks are constantly being hacked. They are playing whack-a-mole trying to keep hackers away. Bitcoin is like the hero that came at the perfect time to save us as banks have begun to lose their safe hold on people’s money…
There are plenty of instances where digital wallets have been hacked and cryptocurrency has been stolen. But the underlying blockchain has never been hacked into. Knock on wood. And it is getting harder and harder to penetrate as it grows.”
As for the heated debate on whether cryptocurrencies are securities, Draper says it’s already a closed-case.
“They are very much currencies. They are recognized tender throughout the world. If you are a knee surgeon, everyone looks like they have a knee problem you need to solve. If you are a securities regulator, everything looks like a security to you. Unless the tokens are tethered, they are not securities in my view.”
Draper is a venture capitalist and early investor in Bitcoin, Skype, Hotmail, SpaceX and Tesla. He recently gathered enough signatures to qualify a new measure on the November ballot to split California into three states.