The American billionaire Tim Draper predicted that bitcoin’s value would reach $250,000 by the end of 2022. He further opined that the primary cryptocurrency would be the core of all financial activities for the next 20-30 years.
BTC Is The Future
Tim Draper – an American venture capital investor – shared with CNBC his bullish view on BTC’s future value. He forecasted that despite the volatility in the crypto market, the primary digital asset would hit $250,000 by the end of next year.
Additionally, Draper said numerous large companies would follow the example of Microsoft, Starbucks, PayPal, Home Depot and accept bitcoin as a means of payment:
”Give it about a year and a half and retailers will all be on Opennode [bitcoin payment processor], so everybody will accept bitcoin.”
The investor pointed out that only 21 million bitcoins can exist in circulation and this is another reason that will drive up its fiat value. He predicted that the asset could turn into the world’s main financial instrument, and it has the potential to become as dominant as giants like Microsoft and Amazon.
Draper is a renowned bitcoin HODLer but refused to answer the host’s question of how much he owns or whether he has located some of his funds in other cryptocurrencies.
Additionally, the billionaire noted that Elon Musk is a ”brilliant man” but disagreed with his opinion on Dogecoin. Draper joined many other critics of the meme coin who think its only quality is to bring joy to the crypto community:
”There must be something to Dogecoin because it makes us all smile but no engineers are working on it.”
He Said It Again
It seems like Draper stands behind his words as he initially outlined such a price forecast at the beginning of 2020. However, the only difference is that back then, he claimed that BTC’s value would reach $250,000 in early 2023.
At the time, he revealed that the stock market is not that emerging anymore and intended to allocate his portfolio to the crypto market instead. Bitcoin will be the big player there, and even though it still has a long way to go, it will attract the attention of the masses due to its positive features:
”Bitcoin will be the currency of choice. Bitcoin is not as easy to move around, but eventually, it will be. Then you will have a choice, and you will say: “hey, do I want to pay the banks 2.5% to 4% every time I swipe my credit card, or do I want a currency that’s frictionless, open, transparent, global, and not tied to any political force.”
Featured Image Courtesy of TechCrunch
