Silicon Valley Billionaire: ‘Bitcoin reach over $250,000 by 2022’
Tim Draper, the American venture capitalist and well-known Bitcoin (BTC) bull has criticised his previous that the cryptocurrency will reach $250,000 in the next four years. In an interview with Blocktv, he stated that he could actually be underestimating its future growth.
He observed that, “$250,000 means that Bitcoin would then have about a 5% market share of the currency world and I think that maybe understating the power of Bitcoin.”
In Draper’s view the main hurdle in the way of Bitcoin’s mass-adoption is its complexity.
He observed that every day folk tend use fiat money as it is just so easy to use.
Whereas “engineers have not made it that easy enough for everyone to use Bitcoin.”
Although not a self-made billionaire, Draper is regarded as one of the most insightful and successful venture capitalists on earth.
His major investment successes thus far have been with; Hotmail, Skype, Tesla, Twitter, Ancestry.com, Twitch.tv and the digital currency exchange Coinbase.
Not all of his investments have led to great success however, he was an early and defiant investor in Elizabeth Holmes’ fraudulent Theranos start-up, which lost over $600 million of investors cash.
Admittedly, the Walmart’s (WMT) Walton family and Rupert Murdoch of News Corporation (NWS) and Fox Corp (FOX) also invested heavily in the failed project.
Draper himself acquired a significant Bitcoin portfolio in the wake of another failed business enterprise. He purchased at auction almost 30,000 Bitcoin which had been seized from Silk Road, the dark-web marketplace, by US Marshals.
He has been an open and committed advocate for decentralised monetary and political systems.
Earlier this month he joined the board of directors of MakeSense Labs, an EOS-based decentralised application company.
Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.