Billionaire investor, Tim Draper, has said that Bitcoin will reach $250,000 by 2022. He also stated that “fiat is the past,” and bitcoin is the future. Draper predicted this during a June 12th interview with The Street. He also spoke about cryptocurrency regulation and price volatility.
When asked about cryptocurrency regulations, Draper answered that
“Regulations need to be reined in and made clear. The governments of the world are in competition for us now and the best of them are creating very clear and light-touch regulations for crypto. Cryptocurrencies are the next big technological tectonic shift and governments have to weigh their need to protect investors with their need to be included in this potential economic powerhouse that is crypto. I believe cryptocurrencies will overtake fiat currencies in the next five to seven years”
When further asked about the securities, he said that he expects that since cryptographic forms of money will expand the speed of cash, the current $86 trillion worldwide market for cash will develop to be about $140 trillion in the following 10 years, and that development will be in crypto. Truth be told, I gauge that fiat monetary forms will really diminish being used, and that crypto will move toward becoming as much as $100 trillion of that market. I anticipate that Bitcoin will be around 10% of that market, or $10 trillion. There is a ton of space to develop there. Tim Draper is not really interested in holding fiat, because according to him, it loses value over time.
He added that
“ I have no interest in selling my Bitcoin. What would I sell it into anyway? Moving from crypto to fiat is like trading shells for gold. It is reverting to the past. I’m thinking long term I’ll use it, spend it, invest it, or just keep it. Price-wise, we’ll continue to see Bitcoin move higher. I’ve revised my estimate up to $250,000 four years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022”
In short, the venture capitalist predicted that most of the growth that will see the acceleration of capital increase so dramatically will be due to cryptocurrencies.
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