Venture capital capitalist Tim Draper reaffirmed his prediction that the price of Bitcoin [BTC] is estimated to reach by $250,000 USD by the year 2022, during a panel discussion at the ‘Web Summit’ summit conference on 6th Nov.
Draper primarily foretold that the price of Bitcoin [BTC] would surge up to $250,000 USD in the month of April by this year. “Believe it, it’s progressing to happen – they’re going to assume you’re crazy however believe it, it’s happening, it’s going to be awesome!,” Draper said then.
When asked at the recent web Summit conference whether or not he still thinks the Bitcoin [BTC] worth would expertise a forty times return during a span of 4 years and reach $250,000 USD, Draper added:
“Yes. We are talking […] regarding 5% market share to induce to $250,000 USD. That appears like a drop in a bucket and all we’d like to actually do is build it so that Bitcoin [BTC] are often used to purchase Starbucks beverages, and all of a sudden the world simply release and so they assert ‘I’ve got this selection.’ […] Do i would like a currency that l can take from country to country […] or do i would like one that sticks me in one country or one region and i can’t use it anyplace else?”
Draper conjointly questioned the requirement for the fiat currencies or “political currencies,” stating “why do we even trust currencies that are determined by some weird organization or another?” In Draper’s point of view, banks issue money “whenever they want it for no-matter what’s the reason behind it,” and also the emergence of a “totally apolitical,” global, and open currency would cede management of money from banks to common individuals, he explained.
Speaking at the GovTech Pioneers conference earlier in May, Draper conferred his vision of a future during which blockchain utilizing sensible smart contracts in conjunction with AI can massively amend the role and responsibilities of states. “If we mix Bitcoin [BTC], blockchain with smart contracts and AI, we may produce the right bureaucracy,” he added.
Earlier in Sept, Draper created another prediction, stating that the total cryptocurrency market capitalisation is expected to hit $80 Tln within the next fifteen years. Draper argued that this significant slide within the cryptocurrency market in previous months is attributed to people that had not adopted digital currencies as a new quality asset category. Draper added:
“Cryptocurrency would go trillion dollar markets — these are finance, health care and insurance, banking and investment banking, and governments.”