Billionaire tech investor Tim Draper is predicting the market capitalization of cryptocurrencies will reach $80 trillion within the next 15 years.
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Likening the recent drop in the cryptocurrency sector to the beginning days of the internet, Draper stated the price of bitcoin (BTC) and other cryptos will have to drop before rising, during a recent venture capital event in Singapore.
“The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here,” said Draper.
“The internet went after industries that were $10-100 billion dollar markets, cryptocurrency will go after trillion dollar markets – these are finance, healthcare and insurance, banking and investment banking, and governments.”
Earlier this year, Draper stated blockchain technology has a bigger transformative potential than the industrial revolution, the Renaissance and the Iron Age. He’s also affirmed fiat currencies will be wiped by 2023, leaving only cryptocurrencies.
In 2015, he successfully predicted BTC would surpass $10,000 by the end of 2017. Five months ago, he predicted BTC will reach $250,000 by 2022. Is it all just talk?
Draper has backed up his bullish outlooks with his own pockets. In 2014, Draper paid $18 million for 30,000 BTC from U.S. Marshalls, which roughly translates to $195.9 million at press time.
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