- Tim Draper confirms his bullish Bitcoin forecasts despite weak BTC performance.
- There is no shortage of positive expectations on this sidelined market.
Cryptocurrency market lingers in a tight range unable to gain upside momentum, but Bitcoin bulls retain positive views for the coin's future, Thus, a famous crypto enthusiast and venture capital billionaire Tim Draper retains his earlier forecast that the digital asset No.1 will cost about $250,000 by 2022. Speaking at the Crypto Invest Summit in Los Angeles, Draper explained that his forecast is based on the fact that Bitcoin is not as politicized as fiat money that is backed and controlled by governments.
“So right now, there’s $86 trillion of political currency. They call it ‘fiat’ currency, but it’s political. And I believe that that currency will slowly be eaten up by a better currency which is global, decentralized, frictionless. It’s just a better currency. Bitcoin’s a better currency. And I think Bitcoin will be one of five cryptocurrencies,” he said.
Cryptocurrencies and the underlying blockchain technology has a truly transformational power that will change the way governments work and interact with communities, according to Draper.
“I think that government can be transformed in this big, huge way. Which is, you put all those technologies together. You have a token that’s global and decentralized. The token is now on a perfect ledger called the blockchain so you don’t require all this special accounting because the accounting is already done." he added.
Draper also hails the automation that comes with a smart contract technology as it will help reduce red tape and corruption as everything that is supposed to happen based on smart contract conditions, will happen. Big data analytics and artificial intelligence functionality will eventually replace the entire bureaucraсy.
Considering that now BTC/USD is trading at $6,400, Draper's forecast implies nearly 4,000% increase in 4 years time. While the figures look mindblowing, he is not the only expert with such extreme expectations.
Vinny Lingham, a co-founder of Civic and a member of the Bitcoin Foundation, thinks that $1M for one Bitcoin is quite a realistic price in a distant future, however.
The Winklevoss twins, Cameron and Tyler bet on $320,000 in 10-20 years time span.