Back in 2015 billionaire investor and entrepreneur, Tim Draper predicted Bitcoin would top the $10,000 mark before the end of 2017. He was spot on then and then made an equally eye popping prediction back in April 2018 when he said the original cryptocurrency would hit $250,000 by 2022.
He recently spoke with TheStreet and reiterated his optimistic stance on Bitcoin and stood by his prediction of the digital asset rocketing well into the six figure range.
“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.”
Draper outlined several important contributing factors that will drive the price up while also aiding in the spread of the technology. The confidence of the community in the technology is an important aspect when it comes to spreading blockchain applications around the world.
He acknowledged the problem of exchange hacks and the many occurances of fraud in the markets, but he explained that the underlying technology of Bitcoin was secure and stable.
“There are plenty of hacks around the crypto-world but the Bitcoin blockchain has never been hacked and you know — knock on wood — we don’t think it ever will be. I think that having that consensus brings an extra boost to confidence. In fact, I am more confident in my Bitcoin than I am in the U.S. dollars in Wells Fargo.”
The industries that will be affected by blockchain and cryptocurrency are ingrained into the fabric of society. Draper says the blockchain revolution will be bigger than the internet boom because it will be dipping into and disrupting trillion dollar industries rather than billion dollar industries.
“This is the beginning of something that’s bigger than the internet ever was. The internet went after information, communication, gaming, and entertainment. They are all $10 billion to $100 billion dollar industries — maybe (one or two are) trillion-dollar industries. Now the industry that this is going to change is finance. It encompasses commerce and banking and insurance and real estate. More broadly, medicine and healthcare are going to change because of smart contracts.”
If Draper is right about these industry wide disruptions and the insurance, finance, banking, real estate, and healthcare sectors are turned upside down by blockchain, it is very easy to imagine the price of Bitcoin hitting $250,000.