Tech Billionaire Tim Draper Sets Bitcoin Price Target of $250,000 by 2022
In the past few days, there is a new wave of optimism that has returned to crypto markets and this time instead of retail participants, it’s the big institutional players who have allegedly chipped-in. During the latter half of this week, Bitcoin and other cryptocurrencies made a significant recovery from trading at their year’s low as the over crypto markets added $70 billion to its valuations.
Tim Draper, an early Bitcoin proponent and tech billionaire has recently set a new ambitious target for Bitcoin. As per Draper, Bitcoin could multiple its valuations 30 times from the current level to hit the $250,000 mark by 2022.
Draper made this prediction on April 12, 2018 Block (Chain) Party at the Draper University in San Mateo, California. Draper said: “I’m thinking $250,000 a bitcoin by 2022. Believe it. They’re going to think you’re crazy, but believe it. It’s happening and it’s going to be awesome!”
Draper’s future forecasts with Bitcoin prices shouldn’t be taken lightly considering his past records of accurate predictions. Back in 2015 itself, Draper had told that Bitcoin will close the year of 2017 above $10,000 mark and we know how Bitcoin went to hit its peak of $20,000 by the mid-December finally closing the year above $13,000 levels.
During the Block (chain) party, Draper also praised Bitcoin’s underpinning blockchain technology which he said would completely disrupt and transform multiple industries like healthcare, finance and others. While talking to the San Mateo Daily Journal, Draper said: “It’s honest, it’s straightforward, it’s incorruptible, and it’s fair. The blockchain is one of the most transformational technologies that has happened in the history of the world. And it is totally worth celebrating.”
Draper has been a long-time investor in Bitcoin since 2014 when he made headlines by buying 30,000 Bitcoin at the price of $600 during an auction by the U.S Marshals Service which is a law-enforcement arm of the Department of Justice.
Currently, considering the Bitcoin price of $8,000, Draper’s investments are worth $240 which he still continues to hold. However, along with Draper, there are other big names from the world of finance who have recently ventured in the crypto space.
Last week, reports of hedge fund titan George Soros joining the crypto space was making rounds. The report showed that Adam Fisher - the New York-based Soros Fund Management who looks after overseas macro-investing - has secured an internal approval to trade in digital currencies.
Soon after this announcement, the Rockefeller Foundation announced that it will be going long in the crypto markets by investing in its through its venture capital arm ‘Venrock’ in a partnership with Coinfund.