During a discussion at the Web Summit conference, billionaire tech investor Tim Draper predicted the price of bitcoin (BTC) will hit $250,000 by 2022.
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“We are talking about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden, the world just opens up and then they say ‘I’ve got this choice…’ Do I want a currency that I can take from country to country or do I want one that sticks me in one country or one geographic area and I can’t use it anywhere else?”
Draper continued stating “why do we even trust currencies that are determined by some weird political party or another?… Banks issue money whenever they feel like it for whatever reason they want it.”
In May, Draper spoke at the GovTech Pioneers conference and presented his concept for a future in which blockchain and artificial intelligence (A.I.) technologies will tremendously alter the responsibilities of governments.
“If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy,” said Draper.
In September, Draper predicted the market capitalization of cryptocurrencies will reach $80 trillion within the next 15 years.
“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.”