Legendary Billionaire Investor Tip Draper Still Optimistic About Bitcoin

The price of Bitcoin has been flat for much of the last two months. During this time, Bitcoin has traded in a range between $6,200 to $6,700. This calm period is extremely atypical for Bitcoin which has a history of being one of the most volatile assets of all time.

The impending Bitcoin ETF decisions could be causing the horizontal slide of Bitcoin. Investors may be hesitating to take out short or long positions until the decisions are made to approve or deny 9 Bitcoin ETF applications.

However, despite the fact that Bitcoin may seem to be in a bit of a lull, billionaire investor, Tim Draper is very optimistic about the future of the world’s most famous cryptocurrency. In fact, Draper believes that the price of Bitcoin will reach $250,000 by 2022.

According to draper, once people can do things like buy Starbucks coffee with Bitcoin, is going to hit a new level of popularity. This is especially true considering the fact that Bitcoin is a truly international currency and is not controlled by any government. Draper believes that fiat the limitations of fiat currencies will cause them to lose more and more ground to Bitcoin in the very near future.

Further expanding on fiat currencies, Draper said, “why do we even trust currencies that are determined by some weird political party or another?” Draper’s questioning of fiat currencies seems to reflect the attitude of the millions of people around the world who have been accumulating cryptocurrencies for the last ten years or so.

When central banks can infinitely print money, it can cause problems and it allows these banks to have an incredible amount of power. Draper views Bitcoin as a viable competitor to the currencies created by central banks around the world and believes that its fundamental strength and decentralized nature could see it skyrocket in popularity as more and more people learn about its values and capabilities.

Time will tell if Draper is right, or if central banks can maintain their control of the world’s most popular units of exchange. For the time being, it seems that Bitcoin has quite a ways to go before it can be a serious threat to currencies like the dollar or the euro. However, there is no telling what could happen in the next decade. The fact that billionaire investors like Draper are giving such ringing endorsements of Bitcoin is very encouraging.