Tim Draper Sticks to His $250K Prediction Despite Bitcoin’s Bad Days
Tim Draper, a venture capitalist and famous Bitcoin supporter, said that he still had high expectations of Bitcoin despite its bearish trend from the recent months.
Venture capitalist Tim Draper is not giving up and still thinks that Bitcoin will hit new highs in the coming years. TheStreet recently interviewed Draper in California at the Crypto-Finance-Conference. He said that he expects BTC to trade at around $250,000 by 2022, a target that he first revealed in June of this year. However, since then, Bitcoin’s price hasn’t recovered, trading around 60% down from its YTD high. Still, Draper looks confident that a long-term bullish trend will come soon. Moreover, he recommended investors not to be scared by new bottoms but rather jump in when the price dips.
“This is going to be so big so if you see a dip, jump in. Maybe it will dip further but boy, I made that prediction and I'm sticking to it. $250,000 by 2022 for Bitcoin,” he stated.
When asked what the impact blockchain on broader economy would be, Draper said that the technology is important. He noted that it was the beginning of something bigger than the internet itself. The older technology mostly focused on information, communication, entertainment, and gaming, which are $10 billion to $100 billion industries. Blockchain has the capability to dramatically change much bigger industries, like finance, commerce, banking, insurance, real estate, and healthcare, among others.
Draper also revealed how he started out owning crypto-coins. He generated a few Bitcoin through mining and moved the coins to Mt.Gox, the infamous crypto exchange that eventually bankrupted. Draper thought that the news on the Mt.Gox’s collapse was the end of cryptocurrency, but it was not. As a crypto enthusiast, he continued to buy Bitcoin, accumulating about 40,000 Bitcoins in total. In today’s prices, that would worth approximately $270 million. Most of the coins were purchased in 2014 through a US Marshals Service auction.
Last year, Draper predicted that cryptocurrencies would replace fiat money in the future.
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