Tim Draper Reaffirms $250,000 2022 Bitcoin Forecast Despite Not Anticipating Government’s Negative Reaction
Though Tim Draper Stands By 2022 Bitcoin Forecast, He “Didn’t Anticipate” the Negative Government Reaction
Tim Draper is a well-known advocate for cryptocurrency, especially considering his billionaire fortune. His predictions have been rather massive, like his forecast that Bitcoin will reached a price tag of $250,000 by 2022.
However, the one thing he could not predict is the way that the rest of the world would be in such uproar and confusion over establishing regulations.
Draper was interviewed with his son, Adam, by Forbes yesterday. Much of his claim to fame has been his purchase of 40,000 BTC in 2014, along with his support of Tezos. He originally predicted the price increase back in April, when he also said,
“I think the products around bitcoin, blockchain and smart contracts will make it much easier to do business via crypto — so there will be a major shift over these next four years.”
Even with the current state of the market, there are multiple permabulls that still support Bitcoin and are optimistic about the prices. The $250,000 figure has been quoted many times as investors show support, though the most recent time it came up was at the Crypto Finance Conference in Switzerland last week.
Draper is somewhat taken aback by how the regulations are being established, despite the fact that he is still holding onto his prediction. He said,
“I did not anticipate that the regulators would put a dark cloud over all this innovation. I had hoped that there would be some clear simple rules and we could then get on with it. But I guess there are a lot of old-school banking lobbyists trying to cling to the status quo. Years from now, governments will be judged by how well they manage this transition from fiat to crypto.”
Adam Draper added in his own beliefs about what will happen in the market. He added onto his father’s sentiment, saying,
“In 2022, no one will be saying, ‘crypto or blockchain,’ because it will be integrated into all technology. The same way that no one says, ‘I am starting an internet company,’ — even though every startup is one.”