Tim Draper is predicting that Bitcoin price will surge to $250,000 by 2022. He was defending his forecast at an interview with the Street.
Mr. Tim Cook Draper is a renown American venture capital investor who is also the Founder of the Draper Fisher Jurvetson (DFJ). In 2017, his net worth hit a billion dollars which have since seen him join the exclusive billionaires’ club in his San Francisco California hometown.
Investor Should Buy Bitcoin at the Current Rates
Mr. Tim is advising prospective investors to take advantage of the current Bitcoin price of below $6500 and invest in Bitcoin. He assures that this will be the best investment choice that will catapult many investors into the billionaires’ club in the five short years to come.
From his perspective, BTC volatilities are normal shocks that often impact new technology. Bitcoin is a digital asset of immense value and interest, therefore, tends to be impacted by the volatilities before it matures, stabilizes and develops to withstand shocks such as the Goldman Sachs, and the US SEC actions that often send the price spiraling upwards or downwards.
Tim Has The Experience In BTC Investments
One of the factors that propelled Tim to wealth is his decision to buy Bitcoin tokens in the black-market Silk Road that had been seized by the US Marshal services back. His purchase was a successful bid at low prices. This was back in 2014. During this time, BTC was trading at prices that average $500, hence, Tim has been able to reap huge returns of investments in Bitcoin and his wallet is now worth $250,000 of Bitcoin, which is a huge fortune. Overall, he was at the peak of his fortune in December 2017 when the token was exchanging at highs of $20,000.
The Basis For The Prediction
Tim believes that one of the contributing factors will be the role of Cryptocurrencies in increasing the velocity of money. In th
is perspective, the fiat cash in circulation will decrease and Digital Assets will step in and fill the void. This is because the demand for goods and services will continue to increase as disposable incomes surge across the globe. In numerical terms, Cryptos will take over 10% of the market transactions’ unit of tender.
The second basis for the forecast of bullish growth in Bitcoin price is that BTC is becoming easier to utilize. Therefore, the demand will increase along with the growth of awareness, ease of use, acceptability, and ease of mining. Tim says that the world will be “surprised by how fast the transition of BTC to the mainstream markets will happen.
Additionally, there is the basis of the growth of Blockchain technology which is the network for Digital Tokens such as BTC. Tim alludes that the DLT will be “something that’s bigger than the internet ever was.” In the same note, Blockchain technology is going to transform and offer better performance than the conventional internet technology in areas such as healthcare, education, e-commerce, etc. Features such as Smart Contracts, Big Data with Deep Learning, Transparency, etc. will herald this technology to the mainstream along with the major Cryptos, BTC being at the top of the list. Lastly, Tim says that Blockchain will “open up the world” more than the internet has ever done.
However, it is up to investors to decide and keep track of the BTC indicators to get the optimal time to invest in the leading Crypto.