Billionaire Venture Capitalist and full-time crypto supporter – Tim Draper, has re-done his prediction on what is Bitcoin’s price capable to reach in the upcoming years. Mr. Draper believes that the leader by market capitalization will climb to a quarter of a million and grasp $10 trillion market cap by 2022. Interview for TheStreet:
“I have no interest in selling my Bitcoin. What would I sell it into anyway? Moving from crypto to fiat is like trading shells for gold. It is reverting to the past. I’m thinking long term I’ll use it, spend it, invest it, or just keep it.
Price-wise, we’ll continue to see Bitcoin move higher. I’ve revised my estimate up to $250,000 four years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022.”
Draper on Regulation
When asked what is his take on bitcoin and altcoin regulations by the governments, the billionaire replied that the regulators should take thoughtful steps towards making the market a welcoming environment keeping in mind how impacting cryptocurrencies could be turning out to be:
“Regulations need to be reined in and made clear. The governments of the world are in competition for us now and the best of them are creating very clear and light-touch regulations for crypto. Cryptocurrencies are the next big technological tectonic shift and governments have to weigh their need to protect investors with their need to be included in this potential economic powerhouse that is crypto. I believe cryptocurrencies will overtake fiat currencies in the next five to seven years.”
According to Mr. Draper, what makes digital coins very special is their security being one of the best qualities they include. For example, as he explained, the Bitcoin blockchain platform has not been hacked while banks are hacked very often not to say constantly.
The larger the network of wallet holders, miners or stakeholders, the more secure the cryptocurrency. So Bitcoin is the most secure. By contrast, hackers are finding more and more holes in our banking systems.