Tim Draper, a venture capital investor endorsed his earlier prediction again, that the Bitcoin (BTC) will reach $250,000 by 2022, at Web summit conference while attending a panel discussion on November 6.
Initially, he predicted that the BTC will surge to reach $250,000 by April of this year, asserting, “Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!”
Answering a question in the recent summit regarding his current stand on the prediction, Draper said, “Yes. We are talking […] about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say ‘I’ve got this choice.’ […] Do I want a currency that I can take from country to country […] or do I want one that sticks me in one country or one geographic area and I can’t use it anywhere else?”
He also questioned the need for fiat currencies or as he puts it “political currencies,” stating “why do we even trust currencies that are determined by some weird political party or another?” in his personal view, banks issues currencies at their will and growth of an “apolitical,” global and open source currency will seize control from the centralize system of banks.
In May, speaking at the GovTech Pioneers conference, Draper introduced his vision for the future in which blockchain based smart contracts, artificial intelligence (AI) will change the current face of governmental operations. He said, “If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy.”
Following up with it, in September he made another prediction, stating that the total sum of the market capitalization of cryptocurrency will touch the mark of $80 trillion in next 15 years. He argued that the recent adoption of crypto in large number is its indication saying, “Cryptocurrency will go after trillion dollar markets — these are finance, healthcare and insurance, banking and investment banking, and governments.”