Tim Draper Hodls Steady with Bitcoin Price Prediction Forecast of $250,000 USD
Tim Draper Predicts A $250k Bitcoin Price
Predictions are more than common in the cryptocurrency markets. Bitcoin itself was originally founded by anti-establishmentarian revolutionaries who believed that the coin would change the nature of the traditional financial system, so it should come as no surprise that the most fervent supporters of the cryptocurrency markets have always held predictions of sky-high prices and souring valuations for the top cryptos. Though most of these crypto experts eventually end up stepping back their astronomical predictions in favor of more respected and realistic expectations, the occasional supporter stands strong behind an outrageously high claim.
Tim Draper is among this class of analysts. He gained some significant fame in the cryptocurrency space when he predicted that total valuation of crypto assets on the market would sour to a crazy USD $80 trillion within the next fifteen years. Additionally, he recently stated in an interview with financial magazine TheStreet that he believed that the value of Bitcoin would reach an astonishing USD $250,000 per coin before the year 2022.
Draper could easily be dismissed as another bullish and hopeful crypto nut, were it not for his impressive track record of investment in the traditional and in crypto markets throughout the years. He made some of his incredible fortune from being one of the core original investors in Skype, Tesla, and a slew of additional major modern technology companies. Draper entered the crypto space following the Mt. Gox controversy, when he successfully invested millions into Bitcoin before the currency soured in price.
Efficiency Of Network
The efficiency and security of the Bitcoin network was a large foundation for Draper’s massive prediction. He elaborated that the chain uses a relatively small amount of energy in exchange for a massive amount of transactions it can facilitate. Additionally, Draper highlighted that, to his knowledge, there has never been a successful compromising of the Bitcoin Blockchain network.
Draper believes that there exists a “war” between Bitcoin and traditional banks, and he is convinced that Bitcoin’s security and efficiency puts the cryptocurrency ahead of existing financial service giants. In the interview with TheStreet, he elaborated that he is “more confident” in trusting Bitcoin than he is in trusting fiat currency being held by banking giant “Wells Fargo.”
Bullish For Blockchain
But much of the interest of investors like Draper is not necessarily in the Bitcoin itself, but in the distributed ledger backing it known as the blockchain. In his famous interview, Tim Draper outlined his belief that blockchain technology is already revolutionizing how things work in a variety of sectors, but the tech will only become more popular in industries all over the world as time goes on.
Draper also highlighted the development of certain new technologies in the sector, such as machine learning, AI, and smart contract tech, make it even more likely that the same companies driving the development of Bitcoin technology will make industries all over the world more efficient and effective at their most important tasks.
Draper concluded by reiterating his belief that, despite the bearish sentiments driving the market at the moment, Bitcoin and its asset class will still see tremendous gains, Bitcoin eventually likely to even hit the massive high of USD $250,000.