Tim Draper remains bullish about the future of the cryptocurrency market. In a recent interview, he mentioned that Bitcoin (BTC) could reach a price per coin of $250,000 between 2022 and 2023.
Moreover, he explained why the next price surge will not necessarily be related to the halving Bitcoin will experience in May 2020.
Bitcoin Could Grow As Much As 3200%
Tim Draper, a recognized venture capitalist that invested in major platforms such as Hotmail, Skype, Tesla, and Coinbase, among others, is forecasting Bitcoin to be worth $250,000 in the next 3 to 4 years. That means that the leading cryptocurrency would have to grow as much as 3200% from current prices if it wants to reach that level.
At the same time, Draper predicted in 2014 that Bitcoin price could reach $10,000 by 2017. Although many considered that his prediction was far from being realistic, it was proved to be a conservative one, when Bitcoin surged to $20,000 at the end of 2017, two times more than what Mr. Draper predicted.
In order for Bitcoin to reach that price level, it would be necessary for it to become an alternative currency. He said that the currency business is today worth around $86 trillion. In the future, this market is expected to be worth $120 trillion which is going to be opening up huge opportunities for Bitcoin.
“My prediction was really based on creating enough of an infrastructure for Bitcoin to get a 5% market share around the world, as a currency.”
Currently, Bitcoin has a market capitalization of $134 billion and a price per coin of $7,400.
Bitcoin is a cryptocurrency that can be used all over the world without having to rely on a centralized authority, government or institution. This is going to be very valuable in a future that is moving towards decentralization.