Tim Draper, an American venture capital investor and a big-time Bitcoin (BTC) bull, stands by his bullish price prediction for Bitcoin to hit the $250,000 mark by 2022.
Per a recent interview with crypto influencer and YouTuber Wendy O, Draper said that he fully expects his price target to be reached.
In order for Bitcoin to reach a price of $250,000 by 2022, the #1 cryptocurrency by market cap will need to appreciate by around 4,900% from its current price levels of $5,200. To Draper, this massive price increase is absolutely attainable.
Explaining how he thinks it will happen, Draper said the road to $250,000 will be driven by growing adoption made possible by all the developments taking place. He stated that engineers have to build the applications and infrastructure needed so that it’s easy and intuitive to use, spend, and move Bitcoin. Once that’s done, he says, the price will take off.
“My reasoning is that all these engineers have to create all the things they are doing to make it really easy for us to spend it and to use it and to move it and to build it into our contracts and all of that. Once that’s all done, that’s a five percent market share [of all the world’s currencies].”
Following these comments on how Bitcoin’s price will climb to new highs, Draper was asked when the cryptocurrency bear market will end?
To this Draper quipped:
“When you stop asking. Then the bear market is over and that’s when everything starts going up.”
In addition to confirming his bullish stance on Bitcoin and his $250,000 BTC price prediction, Draper took some shots at Jamie Dimon, the CEO of JPMorgan Chase, who lately announced the creation of their own digital currency, JPM Coin.
According to Draper, he can’t believe Dimon’s actions.
Citing all his stages of dealing with the rise of Bitcoin and cryptocurrencies, Draper said Dimon is now in the acceptance stage with regards to the inevitability of cryptocurrencies.
“That guy… first, he says that bitcoin is a scam. Then he gets all paranoid… then he lines up all the banks against it… then he says credit cards, my credit cards cannot be used to buy bitcoin and then he decides he’s going to do his own coin. I mean that was so ridiculous. That’s typical… it’s like the seven stages of… they go through denial… then they go to acceptance. So he is at acceptance.”
Draper does not see JPM Coin as a threat to Bitcoin because it is tied to a bank, and he believes people won’t want to use a bank.
All in all, Draper predicts Bitcoin will be far more successful and widely adopted among the masses due to its trustless and decentralized nature.
Do you agree with Draper’s $250,000 price prediction by 2022? Will JPM Coin take any market share away from Bitcoin? Let us know what you think in the comment section below.
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