Tim Draper Standing By His Bitcoin Price Prediction of $250K

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Photo Credit: TeePublic

Following weeks of stability in the cryptocurrency markets, Venture capital investor Tim Draper has once again reiterated his prediction about the price of Bitcoin hitting $250,000 by 2022. He made this known at the just concluded Web Summit conference held on Nov. 6

Having initially predicted that the leading cryptocurrency by market cap would rally up to $250,000 by April this year, Draper made it clear that the crypto community should  “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!,”

Commenting at the recent Web Summit conference on his earlier predictions, Draper stated that  “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 do really 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?”

At the same summit, Tim also probed the need for political or fiat currencies. According to him. “why do we even trust currencies that are determined by some weird political party or another?” He believes that financial institution issue money “whenever they feel like it for whatever reason they want it,” and that the emergence of a “totally apolitical,” global, and open currency would finally give controls to common people other than the banks.

In September, Tim Draper made a rather ambitious prediction where he stated that the total market capitalization  for the cryptocurrency market would hit $80 trillion in the next 15 years according to him, “Cryptocurrency will go after trillion dollar markets — these are finance, healthcare and insurance, banking and investment banking, and governments.”