Bitcoin bull and venture capital billionaire Tim Draper says he believes the price of Bitcoin is still on track to hit a quarter of a million dollars by the year 2022.
At the Crypto Invest Summit in Los Angeles, Draper told AMTV he’s sticking to his prediction largely because Bitcoin lacks the political nature of paper money backed by governments.
“So right now, there’s $86 trillion of political currency. They call it ‘fiat’ currency, but it’s political. And I believe that that currency will slowly be eaten up by a better currency which is global, decentralized, frictionless. It’s just better currency. Bitcoin’s a better currency. And I think Bitcoin will be one of five [cryptocurrencies].”
The sentiment was echoed by ShapeShift CEO Erik Voorhees.
According to Draper, cryptocurrency and blockchain technology will do more than eat up the value of traditional currency. He believes they also offer a transformational opportunity to change the way governments around the world do business.
“I think that government can be transformed in this big, huge way. Which is, you put all those technologies together. You have a token that’s global and decentralized. The token is now on a perfect ledger called the blockchain so you don’t require all this special accounting, because the accounting is already done.
And then you can build smart contracts so that all these contracts are built into the cloud so that whatever is supposed to happen in a contract happens. And then you have all that big data. You have the ability to take that data, add artificial intelligence to it, and make decisions. Think about what a bureaucrat does. You can replace the entire bureaucrat with artificial intelligence, a smart contract and the blockchain.”