Draper has initially predicted that the price may surge up to $2,50,000 until April of this year. Draper said, “Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!”
During the panel discussion at the Web Summit Conference on 6th November. Tim Draper Venture capital investor reaffirmed his prediction that the Bitcoin (BTC) price will reach $250,000 by 2022.
Where he thinks the BTC price will experience a 40 times return in a span of four years and reach $250,000, Draper said:
“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?”
In his views, banks issue money “whenever they feel like it for whatever reason they want it,” and the emergence of a “totally apolitical,” global, and open currency would cede control of money from banks to common people. “If we combine Bitcoin, block-chain with smart contracts and artificial intelligence, we could create the perfect bureaucracy.”
Draper presented his vision of a future in which block chain utilizing smart contracts in conjunction with artificial intelligence (AI) will massively change the role and responsibilities of states.
Draper made another prediction, saying that the total cryptocurrency market capitalization will hit $80 trillion in the next 15 years. “Cryptocurrency will go after trillion dollar markets these are finance, healthcare and insurance, banking and investment banking, and governments.”