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Tim Draper Sticks to His Bitcoin Price Prediction of $250K in 2022

November 10, 2018 at 13:56 by Arathur Stephen

Famous Venture Capitalist and billionaire, Tim Draper has once again reaffirmed his bullish prediction that the price of the flagship cryptocurrency, Bitcoin (BTC) will climb to $250,000 by 2022 or 2023.

He said this during a panel discussion at the Web Summit Tech Conference held in Lisbon, Portugal which ended November 8.

Bitcoin Price Will Reach 250k by 2022 — Tim Draper

During the conference, Draper was asked if he still thinks the price of the digital coin will see a 40 times return in a span of four years and reach $250,000. Here is what he said:

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…My prediction for $250,000 by 2022 – maybe 2023 but in that range – is absolutely solid, but I’m not so sure how we’re going to get there.

Just for the record, the Capitalist had predicted back in 2014 that Bitcoin would reach $10,000 in three years and it did! However, in April 2018, the billionaire predicted that the price of BTC will rally up to $250,000 but it did not come to pass.  These were his exact words:

“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!.”

Again, the billionaire made another ambitious prediction back in September, saying that the total capitalization of the cryptocurrency market will reach $80 trillion in the next 15 years. He reasoned that the significant slide in the crypto market in the past months is caused by people who had not adopted virtual coins as a new asset class. Draper then added:

“Cryptocurrency will go after trillion dollar markets; these are finance, healthcare and insurance, banking and investment banking, and governments.”

This year’s Summit had cryptocurrency as the focal topic and also featured Peter Smith, the CEO of Blockchain and the Managing Partner at Initialized Capital co-founder, Garry Tan with almost 70,000 attendees. While speaking, Draper saw the opportunity to question the need for fiat currencies which he referred to as “political currencies.” He asked, “why do we even trust currencies that are determined by some weird political party or another?”

In his view, the banks issue money “whenever they feel like it for whatever reason they want it.” He further explained that with the emergence of Bitcoin, a “totally apolitical,” global, and open currency, the banks would give up the control of money to common people.

Although Tim Draper’s advice may seem biased because he has personally invested in Bitcoin, however, based on Bitcoin’s fundamental growth, we can expect the price to reach $15,000 in 2018.

Bitcoin Pioneer Says: Asset Hasn’t Evolved in the Direction of High-Volume Payments

Shifting gears, an early pioneer of Bitcoin, Jeff Garzik is in a different school of thought from Draper as he has revealed that seven years ago, he gave away more than $100 million worth of Bitcoin, based on current prices, and he has no regrets at all.

As per Bloomberg, the Bitcoin pioneer who worked for the crypto exchange, BitPay and still sits on its board, stated that Bitcoin is not what he thought it would be. Nevertheless, he is impressed with what has been achieved thus far. Garzik has been quoted as saying:

“It is an organism, it’s something that evolves. It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side, it’s unquestionably a success.”

He, however, added that:

“It was a question whether this thing would survive at all. And there’s no question of that today.”

Garzik has been in the crypto space since July 2010 after reading a blog post about the digital coin. After that, he started writing code for it and soon became the third-biggest contributor to Bitcoin after its anonymous creator, Satoshi Nakamoto and Gavin Andresen.

Bitcoin Price Outlook

Back to the price of Bitcoin that is all over the place. Even if we maintain a positive outlook on the price, the fact is that buyers are failing to build momentum and close above the $7,200 level and this is humiliating for the bulls

Although prices are trading above the $6,000 support line, this week’s close above the resistance trend line can be considered positive. This can even be the much-needed boost for the bulls to move past the $7,200 level, igniting the bulls to target $8,500 and above.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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