Despite a heavy meltdown in crypto markets this year, Bitcoin (BTC) is still the most popular cryptocurrency, currently. Bitcoin, with a market cap of over $111 billion, dominates more than 50% of the overall crypto market. This is the reason why BTC draws interest from institutional players like Tim Draper.
Tim Draper Strikes Again
Bitcoin-bull and venture capital investor Tim Draper is well-known among the crypto space for his ultra-bullish BTC price predictions. During the Web Summit Conference last week, Draper reaffirmed his prediction that Bitcoin will reach $250,000 by 2022.
Tim Draper made this prediction for the first time earlier this year in April. During that time Draper said, “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!”
During the conference, Tim Draper again said that BTC will experience a jump of 40 times its value during the next four years.
“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?”
Tim Draper’s Sharp Criticism of Fiat Currencies
Not only did Tim Draper praise Bitcoin, but he also made a sharp attack on fiat currencies or “political currencies.” Draper noted, “Why do we even trust currencies that are determined by some weird political party or another?”
Draper also took a dig at banks, saying that they issue money “whenever they feel like it for whatever reason they want.” He further explained that the acceptance of a “totally apolitical” currency like the cryptos will help to eliminate the control of money by banks and give it to the people.
Tim Draper’s Vision for the Future of Blockchain and Cryptocurrency
Earlier in May at the GovTech Pioneers conference, Tim Draper talked about a larger vision for the future of blockchain. He talked about a future wherein blockchain and artificial intelligence (AI) will work simultaneously to bring a transformational change in the functioning of states. “If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy,” he said.
Back in September, Tim Draper also predicted that cryptocurrency will be an $80 trillion market during the next 15 years. “Cryptocurrency will go after trillion dollar markets — these are finance, healthcare and insurance, banking and investment banking, and governments,” he said.
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