Billionaire Tim Draper has doubled his counterpart prediction Bitcoin will reach $250,000 by the end of 2022.
Draper made this prediction for the first time in 2018 When the bitcoin price was still heading below $10,000. As a venture capitalist and tech investor, Draper has always believed in Currency. Always take any opportunity he can to show his support for Currency whenever he can.
The venture capitalist believes that Bitcoin will become an accepted payment method everywhere. Which he thinks will lead Currency The price is up to the point you expected.
“I’d be right about that”
Tim Draper has always had strong convictions when it comes to Bitcoin. his support for Currency unwavering. He believes that Bitcoin will be at the center of all financial activities in the world over the next 20 years.
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He continues to say that he believes that the price of Currency It will continue to climb. His reasoning for this is that “because there are only 21 million of them.”
This is in reference to the limited supply of Bitcoin. When Bitcoin was created, there were only 21 million coins created that would end up in circulation. Meaning that 88.3% of the total supply was minted, and that has happened within a decade. This is a rarity Currency It is one of the reasons why many people think that the price of Bitcoin will rise dramatically. Because there are only so many coins that can be mined or bought.
To date, about 18.5 million bitcoins have been mined. There are only 2.5 million coins left to be mined. It is expected that it will take about 120 years to last Currency to be mined. With half They occur every four years.
Never back down from his Bitcoin predictions
Tech investor Tim Draper still believes that Bitcoin will reach $250,000 soon. He only slightly modified his previous forecast by saying it would reach that price in late 2022 or early 2023.
At the age of 63, Draper has been investing most of his career. He made his fortune by making early investments in Twitter, Tesla, and others. Not new to the way financial markets work, he said that Bitcoin will be a huge player in the space. He noted that Bitcoin has a lot of positive features, saying that this is what will attract the masses to Currency.
Bitcoin back below $40k | Source: BTCUSD on TradingView.com
Regarding the use of Bitcoin as a form of currency, Draper was quoted as saying;
“Bitcoin is going to be the currency of choice. It’s not easy to move bitcoin, but in the end, it will. Then you’ll have a choice and you’ll 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 is frictionless, open, transparent, global, and unfettered by any political power?
The viability of Bitcoin as an everyday currency has always been a hot topic in the crypto world. Fees associated with sending Currency It has always been a contentious issue when it comes to using it to pay for everyday things. And in emerging markets, fees are significantly higher, as fees can cost more than the amounts sent in small transactions.
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Speaking about the stock market, Draper revealed that the stock market is no longer a picture. He intends to dedicate his portfolio to the crypto market instead.
The billionaire believes that other companies will follow in the footsteps of companies such as Microsoft and PayPal that started Payments using cryptocurrency.
Draper also gave his opinion of Elon Musk and how his tweets affected the crypto space. He says that Musk got this wrong, although he thinks Musk is one of the most intelligent men in the world.
Featured image from Bitcoin News, chart from TradingView.com