Tim Draper Is Confident: Bitcoin Will Reach $250k In 2022

The venture capitalist Tim Draper is in this Saturday’s Bitcoin news, confirming his predictions that the Bitcoin (BTC) price will reach $250,000 by 2022. In a panel discussion at the Web Summit a couple of days ago, Draper reaffirmed his earlier stance.

As 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!”

When asked whether he still thinks that the Bitcoin price will experience a 40 times return in a span of four years and reach $250,000, Draper confidently 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, 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?”

He also questioned the need for fiat currencies or “political currencies” as he calls them, stating:

“Why do we even trust currencies that are determined by some weird political party or another?”

According to Draper, banks issue money “whenever they feel like it for whatever reason they want it” and the emergence of an “apolitical, global and open” currency would cede control of money from banks to common people as he explained.

Aside from reaffirming his stance, in September this year Draper made another prediction about the total cryptocurrency market capitalization and its chance to hit $80 trillion in the next 15 years, arguing that the slide in the market over the past couple of months was attributed to people who had not adopted digital currencies as a new asset class.