Tim Draper, one of the biggest billionaire venture capitalists and investors in the crypto world, has been one of the biggest bulls and believers in digital currencies. This has not changed ever since the first half of 2018, even as the Bitcoin price sunk more than 67% from its all-time high.
In previous news as covered by DC Forecasts, Draper has predicted that the Bitcoin price will reach $250,000 by 2022 and was confident in the future of the largest cryptocurrency. Tim Draper won nearly 30,000 BTC from the US Marshals Service in the famous Silk Road auction in 2014, when the price of Bitcoin was around $650.
The latest news from Draper supports his decision about Bitcoin rising to $250,000 over the next couple of years. As he told TheStreet, the recent market downturn has not caused his confidence to waver, saying:
“Price-wise, we’ll continue to see Bitcoin move higher. I’ve revised my estimate up to $250,000 four years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022.”
Draper also touched the topic of altcoins – but said that he has invested more than just Bitcoin – mostly because cryptocurrencies are here to “increase the velocity of money” and hit $140 trillion in a combined market cap over the next decade.
“I expect that since cryptocurrencies will increase the velocity of money, the current $86 trillion global market for currency will grow to be about $140 trillion in the next 10 years, and that growth will be in crypto. In fact, I estimate that fiat currencies will actually decrease in use, and that crypto will become as much as $100 trillion of that market. I expect Bitcoin to be about 10% of that market, or $10 trillion. There is a lot of room to grow there.” he concluded.
Draper is also behind a high-profile plan to divide California into three states (something which will appear on the ballot this November 2018) and is a big believer of cryptocurrency adoption as an instrument for everyday payments.
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