Billionaire explains why Bitcoin will cost US$250,000 by 2022

Investor Tim Draper has been one of the biggest optimists with regard to cryptocurrencies, even with declines in the market

Source: Webitcoin

Billionaire investor Tim Draper has been one of the most optimistic about cryptocurrencies, and that did not change during the first half of 2018, even though Bitcoin’s value sank more than 67% from its highest all-time mark, in December 2017.

Draper predicted that Bitcoin’s value will reach $250,000 by 2022, an estimate that is far from the $650 per currency paid for it in 2014, when he won nearly 30,000 BTC from the United States Delegate Service during the famous Silk auction Road.

The billionaire said the recent downturn did not make his confidence shaken. “In terms of value, we will continue to see Bitcoin grow. I made my estimate of $250,000 four years earlier, so we will see Bitcoin reach this mark in 2022.”

Draper said he is basing his guess on the expectation that the cryptocurrencies, not just Bitcoin, will increase the “speed” of money, so that the market capitalization of the currencies will reach $140 trillion in the next decade. “I estimate that fiat coins will have their use reduced, and the cryptocurrencies will become $100 trillion of that amount, I expect Bitcoin to represent 10% of this market, or $10 trillion.