Billionaire Tim Draper Explains $250,000 BTC/USD Price Prediction, Talks Jamie Dimon’s Crypto Acceptance Phase
In an interview with crypto personality Wendy O. Draper, crypto bull Tim Draper fired off at Jamie Dimon (CEO of JPMorgan Chase). He accused Dimon of being in the grieving stage of acceptance over cryptocurrencies.
“That guy… first he says that bitcoin is a scam. Then he gets all paranoid… then he lines up all the banks against it… then he says credit cards, my credit cards cannot be used to buy bitcoin and then he decides he’s going to do his own coin. I mean that was so ridiculous. That’s typical… it’s like the seven stages of… they go through denial… then they go to acceptance. So he is at acceptance.”
This comes two months after the announcement of the JPM coin, a crypto made by the bank for inter-institutional transfer of payments.
Tim Draper assumes the coin will never be as successful as bitcoin because it is ‘tied to a bank and people would rather not use a bank.’ Of course, the creation of cryptocurrencies and bitcoin was arguably in response to the failure of big banks after the 2007/2008 financial crisis.
However, he was much less harsh with Facebook’s rumoured leap into digital currencies, saying they would be ‘late to the game’ and lagging behind others whom have had years to develop but that their large user base already gives them a leg up compared to other starting coins.
Billionaire Tim Draper Stands By Bullish $250,000 Bitcoin Price Target For 2022 https://t.co/lq8v7cPXun
— CCN Markets (@CCNMarkets) September 21, 2018
That same interview saw Draper double down on his prediction that Bitcoin’s value will reach $250,000 by 2022. According to him, this will be possible because of growing adoption rates due to developments.
“My reasoning is that all these engineers have to create all the things they are doing to make it really easy for us to spend it and to use it and to move it and to build it into our contracts and all of that. Once that’s all done that’s a five percent market share (of all the world’s currencies per Draper).”
When asked when the bear market for cryptocurrencies would end, Draper had this to say:
“When you stop asking then the bear market is over and that’s when everything starts going up.”
For the record, it would require Bitcoin appreciating by 4,900% in order to hit the $250,000 mark in 2022. Bitcoin is currently trading at around $5,200 per coin.