• 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.

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300. A shall green candle on a weekly chart is a promising signal, though the market is still gripped with uncertainty at this stage. 

More Bitcoin News

XRP/USD drops below $0.2000 after a failure at $0.2030

XRP/USD tested the intraday high at $0.2031, but the strong resistance located around this area discouraged the short-term bulls and pushed XRP/USD below $0.2000 by press time.

More Ripple News

ETH/USD breaks out into the $220 zone, will it be $230 or $210 next?

Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600.

More Ethereum News

EOS/USD slumps below 4-hour SMA200, focus on $2.54

EOS/USD attempted a recovery above 4-hour SMA200 (currently at $2.65) and touched the intraday high at $2.67. However, the upside momentum proved unsustainable as the price of the digital asset dropped to $2.62

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP