Tech billionaire Tim Draper keeps his bitcoin price target of $ 250,000 for 2022. Despite the recent collapse, Draper remains undaunted in his enthusiastic outlook for the largest currency virtual by market capitalization
"It will be so big, so if you see a dive [in prices] jump in," Draper told TheStreet at the Crypto 2018 finance conference in Switzerland. "Maybe he'll dive further, but boy, I made that prediction and I'm sticking to it. $ 25,000 by 2022 for bitcoin."
After a huge spike in 2017, BTC's prices plummeted by 50% in 2018. Despite the recent fall, the crypto profile has never been higher and the industry continues to expand.
It, Happening & # 39;
In April 2018, Draper generated countless titles after bravely predicted that the bitcoin would rise to $ 250,000 by 2022, as reported by CCN. And nothing happened to change his perspective.
"They'll think you're crazy, but believe us," he said. "It's happening and it will be awesome!"
Draper has an impressive track record with bitcoin price forecasts, so it's hard to fend off any predictions he makes.
In 2015, the venture capitalist accurately predicted that the bitcoin would be $ 10,000 by the end of 2017. BTC rose above $ 13,000 on December 31, 2017.
Billionaire Tim Draper sets $ 250,000 Bitcoin Price Target for 2022 https://t.co/qtEFYDuUHG
– Real Time Crypto (@RealTimeCrypto) 13 April 2018
Four years ago, Draper invested $ 250,000 in bitcoins when his price was around $ 6 He lost everything when Mt. Gox collapsed in February 2014.
"We would have had this new type of currency and it would have been fantastic and I thought [Mt. Gox’s collapse] was the end of it all," recalls Draper. "But the bitcoin only lost about 10% or 15% of that day on the news that basically the biggest exchange just stole a lot of money." Then I thought, "Wait a minute. People really need this. This is really important. "So I started buying a little at a time."
Draper became a bitcoin whale at the end of 2014, when he bought 40,000 bitcoins in a federal auction for $ 600 apiece.
At that time, the US Marshals had seized 144,336 bitcoins from the Silk Road drug market operators. Draper said they were selling nine lots, and most of the bidders were venture capitalists like him.
"Here is my thought," said Draper. "Or this thing does not lead to anything and – you know, too bad – or it goes to the stars and nobody will worry that I have paid 5% more for this, so I offered up to $ 632 and I did not get just one lot. I got all the lots. "
" This is bigger than the Internet "
Since then, the cryptography market has grown out of all proportion, and BTC approached $ 20,000 in December 2017. At that point, Wall Street and the main financial industry had taken notice of this new and prosperous new asset class.
During the meteoric rise and the recent market crash, Tim Draper remained firmly a vocal supporter of cryptocurrencies and blockchain technology.
"There are a lot of hacks in the cryptographic world, but the bitcoin blockcoin has never been hacked," said Draper. "In fact, I'm more confident in my bitcoin than in the US dollars of Wells Fargo."
Draper has no doubt that the blockchain will revolutionize the world. "This is the beginning of something that is bigger than the Internet," he exaggerated
Crypto Market Cap to hit $ 80 trillion in 15 years: Bitcoin Bull Tim Draper https://t.co/5lcAvKhVBA – CCN (@CryptoCoinsNews) 14 September 2018
Since success is never straightforward, Draper said cryptocurrencies will inevitably have their share of ups and downs, but the market will continue to move forward.
In fact, he predicts that the market capitalization of the sector will rise to $ 80 trillion by 2023, as reported by CCN.
"The Internet started the same way," said Draper. "It came in big waves and then it came down, and then the next wave arrives concentrated but much bigger … I suspect the same thing will go on here."
Featured Image of Flickr / Collision Conf.
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