Opinions

Bullish Tim Draper Standing by his $250K BTC Price Forecast by 2022

One of Bitcoin’s biggest bulls, business angel and venture capital investor Tim Draper has never stood shy of making bold, positive claims about where he sees BTC rocketing up to, and at a panel talk at the Web Summit conference,he reiterated his opinion that BTC will reach at as much of a high as $250K in four years’ time, by 2022.

Earlier in April this year, at a blockchain conference in Draper University in San Mateo, CA, Draper made a lofty claim that he sees BTC reaching unprecedented heights, and that the figures may seem astronomical or impractical, but there needs to be belief in the crypto’s growth. A day before his claim in April, BTC had soared by $1,300, after a period of fall and then stagnation, and although some positivity arose due to the sharp increase, Draper’s prediction was still not met by sizable enthusiasm by those in the audience. He said that by looking into the proverbial “crystal ball”, he can see that by 2022, BTC will hit a high of $250,000. He also added that “they are going to think you are crazy”, but believing in the currency will turn out to be “awesome” when the price skyrockets.

Although many in the crypto world may take Draper’s bold claims with a pinch of salt, his credibility cannot be undermined, as he rightly forecasted a BTC high of $10,000 by 2017, in 2014, when BTC stood at a measly $320. The claim, back then was not met with a lot of enthusiasm, but turned out to be true. In fact, BTC hit soared as much as double of what he predicted it to be in 2017, as it touched an all time high of $20,000 by the end of 2017.

Now in November, Draper stands loud and proud by his $250K by 2022 claim, which, if it comes to fruition, would mean that BTC appreciates 40 times in a span of four years from now, spelling out a lucrative return indeed.

“Yes. We are talking […] about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say ‘I’ve got this choice.’ […] Do I want a currency that I can take from country to country […] or do I want one that sticks me in one country or one geographic area and I can’t use it anywhere else?”

Draper is not the only bull backing the rise of the BTC. Fundstrat’s Tom Lee has been vocal about how, after a year of turmoil and stagnation, he sees BTC ending 2018 on a high. BTC has been trading at well less than the $10,000 point in 2018, but Lee has been adamant that by the end of the year, it will be priced at approximately $25,000. Coincidentally, Lee’s prediction for the current year came around the same time that Draper made his 2022 forecast in Draper University. Lee likened the current BTC market behavior to that viewed at the end of the 2014 bear market. Although Lee is a prominent crypto bull, his 2022 valuation if half of that made by Draper, as he forecasts BTC price to reach $125,000.

More recently, Mike Novogratz founder and CEO of Galaxy Digital Capital Management has predicted BTC to reach $10,000 by 2019 Q1, and then double or more by the second quarter, expressing his belief that the almost year-long downtrend is about to come to its end.

Draper made headlines in September when he made another bold prediction that total crypto market capitalization would amount to $80 trillion in the next 15 years. While speaking at the DealStreetAsia PE-VC Summit, Draper opined that the recent decline in the crypto and BTC market is due to people not coming to terms with integrating digital assets and currencies “as a new asset class”, and that the technology has the propensity to reshape and transform many vital industries on an international scale. He likened the recent state of crypto to the times of the internet’s infancy, pointing out the the internet made significant but haphazard advances, only to fail subsequently, but the next “waves” were more focused, refined, and significant, predicting the same for cryptos and BTC.

Nusrat Ullah Roomi

Nusrat is a management student with a keen eye on the world of blockchain, digital currencies, music and sport from a marketer's perspective. Nusrat brings insights of business applications to report news around the blockchain space. Contact the editor at editor.opinions@blockpublisher.com

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