Cryptocurrency, Bitcoin (BTC) –The cryptocurrency supporter and the Bitcoin bull Tim Draper remained true to his nature, claiming his prediction that BTC will reach $ 250,000 by 2022.
Speaking at a panel discussion at the November 6 Web Summit conference, Draper reiterated his position that BTC, despite 2018 being a negative year for cryptocurrency, will reach a quarter of a million dollar valuation by the end of 2022. Draper originally proposed the forecast in April of this year, in the middle of a market crash, but not to the current degree of loss experienced by Bitcoin and the altcoin market. Draper's comments at the time were self-aware, with the venture capital investor admitting that most people would look at his figure with skepticism,
"Believe it, it will happen – they will think you're crazy, but believe it, it's happening, it will be awesome!"
While many have considered Draper's position as a hypothesis of the currency in which he is most optimistic, he has managed to correctly predict the price movement of BTC in the past. In 2014, when the price of BTC crashed from above $ 1100 to less than $ 320, similar to the current rapid decline in value recorded in 2018, Draper remained bullish on the original cryptocurrency and made the prediction that BTC would passed $ 10,000 by the end of 2017 – a statement that was proven true in November of last year.
When asked about this week's Web Summit on how he saw his $ 250k forecast in light of the crypto markets just starting to stabilize, Draper held to believe that Bitcoin would find a way to get exponential jumps in the capitalization of market in the next four years,
"Yes. We are talking […] about 5% of the market share to reach $ 250,000. It looks like a drop in a bucket and all we really need to do is make sure Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world opens up and then they say, "I have this choice." […] I want a currency I can take from one country to another […] or do I want someone to attack me in a country or in a geographical area and I can not use it anywhere else? "
Draper continued to find the traditional legal currencies, calling them "political currencies" and wondering if they had taken place in a world where cryptography could make them obsolete. Recalling the libertarian and decentralized values so intertwined with the cryptocurrency ethos, Draper punched the US dollar and other legal currencies, saying:
"Why do we even believe in currencies determined by some strange political party or another?"
In addition, Draper highlighted the problematic aspect of free-hand printing by banks and governments, and how they could take on value from a currency at any time – a reality that has become all too familiar to the citizens of Venezuela struggling to get by under the inflation pressure of the bolivar. In the eyes of Draper, the emergence of cryptocurrency provides an apolitical currency modeled by a free market that allows money to control ordinary people, unlike banks.
We have already seen the impact of cryptocurrency in a landscape with a non-functioning currency, as more and more people turn to DASH and Bitcoin as a more stable and usable alternative to their native currency destroyed by inflation and from the incompetence of their government's fiscal policy.