On the Money Prognosticator Draper’s Bitcoin Price Prediction: $250,000 by 2022
The well-known venture capitalist and cryptocurrency investor Tim Draper has revealed his four-year prediction after holding back his statements in a few interviews some weeks ago. Now Draper, who correctly predicted bitcoin’s price would surpass $10,000 USD per coin by 2018, believes in just four years the price will be $250,000.
‘Serious Winds of Change’
Tim Draper is a venture capitalist who has a whole lot of money tied up in technology-based investments. Draper is a strong believer in cryptocurrency solutions and blockchain technology. The man has been a pretty popular figure among the bitcoin community for quite some time. Back in 2014, Draper predicted four years before it happened that by 2018 the price of bitcoin would be above $10K. Further, Draper put his money where his mouth is, and purchased 30,000 BTC for an undisclosed price at the U.S. Marshals Silk Road bitcoin auction. The spot price of those coins were worth $19 million at the time, and today that investment should be worth at least $239 million.
Over the past couple of months, Draper has avoided giving his next four-year prediction while being interviewed by the media. But on Friday the 13th of 2018, Draper revealed his forecast over the social media platform Twitter.
“Serious winds (of change) at our block(chain) party last night,” Draper writes to his followers on Twitter.
I predict $250K by 2022
Many Luminaries and Moguls Predict New All-Time Highs This Year, But Draper Has Had a Deep Conviction for Cryptocurrencies for Years
Tim Draper is not the only investor who’s bullish about bitcoin’s price reaching new highs. Fundstrat advisor and co-founder Tom Lee still believes bitcoin will outpace last year’s all-time high by the year’s end. Lee had also predicted bitcoin would rally to $10K by the end of 2017 and his forecast came true. This week the well-known hedge fund Pantera Capital detailed that $6,500 was bitcoin’s low and expects the price to touch $20,000 by the end of 2018. Lastly, the founder and chairman of investment firm LDJ Capital, David Drake, believes bitcoin’s price will top $30,000 by the end of the year.
Although Draper’s prediction comes from a person who has had a deep conviction for digital currencies and bitcoin for a long time. In fact, Draper declared that digital currencies will dominate fiat currencies in five years time at the 2017 Web Summit. The investor stated during the summit:
In five years, if you try to use fiat currency they will laugh at you — bitcoin and other cryptocurrencies will be so relevant — there will be no reason to have the fiat currencies.
Following 2017 Web Summit, Draper explained in an interview this year that he believes “bitcoin is the future currency.” The venture capitalist explains, “People ask me, ‘Are you going to sell your bitcoin [for fiat]?’ and I say, ‘Why would I sell the future for the past?’”
It’s safe to say the man’s faith in cryptocurrency is also well represented throughout the many blockchain startups Draper Associates invests in as well as his entrepreneurship ‘crash course’ school Draper University. $250,000 per bitcoin by 2022 would definitely be some ‘serious winds of change,’ but due to Draper’s last forecast coming true four years later, people are taking his predictions very seriously.
What do you think about Tim Draper’s prediction that bitcoin will be $250,000 by 2022? Do you think that it is possible for it to reach that price range? Let us know your thoughts on this subject in the comments below.
Images via Twitter, Draper University, and Wiki Commons.
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