Why Tim Draper May Be Wrong for Predicting Bitcoin’s Price at $250,000
HodlX Guest Blog Submit Your Post
Tim Draper, venture capital investor, mentioned during the Web Summit Conference that Bitcoin (BTC) should reach $250,000 by 2022.
However, Draper once mentioned that Bitcoin’s price will surge to $250,000 this year. “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!” However, many argue that Bitcoin will take some time to eventually turn bullish.
An in-depth article explained why Bitcoin’s price may take 700 days to rally back to $20,000.
He was also asked during the discussion if he still thinks Bitcoin will experience a 40-times return in the next four years. Draper commented,
“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 was also questioned about the need for fiat currencies. He stated, “Why do we even trust currencies that are determined by some weird political party or another?”
Tim also spoke during the GovTech Pioneers conference presenting his thoughts on how blockchain will utilize smart contracts in conjunction with artificial intelligence (AI). He said, “If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy.”
Another prediction Tim Draper made last September is that the total cryptocurrency market capitalization will hit $80 trillion in 15 years. “Cryptocurrency will go after trillion-dollar markets. These are finance, healthcare and insurance, banking and investment banking, and governments.”