After a bloody week for cryptocurrencies, billionaire venture capitalist Tim Draper has stepped forward with a bullish claim – that Bitcoin will reach $250,000 USD by 2022.
Draper’s remarks where made during an interview with The Street on June 12th, wherein the entrepreneur doubled down on an earlier prediction – saying that that Bitcoin would not only reach the end of 2018 trading at $25,000 USD, but that the pre-eminent cryptocurrency would be worth a quarter of a million dollars just three years later.
Draper’s comments touched on impending regulation – citing his belief that “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.”
Draper’s optimism was not just limited to Bitcoin. Speaking broadly on the global currency market, Draper predicted that the market space would grow to over $140 trillion USD in the next ten years, attributing most of that growth due to the impact of cryptocurrencies.
“I estimate that fiat currencies will actually decrease in use, and that crypto will become as much as $100 trillion of that market. I expect Bitcoin to be about 10% of that market, or $10 trillion. There is a lot of room to grow there”, Draper said.
Draper’s predictions are echoed by the likes of Fundstrat’s Tom Lee, who has similarly claimed that Bitcoin may top values north of $25,000 USD by the close of 2018.
Conversely, Lee has predicted a far more conservative outlook – saying that Bitcoin may trade beyond the $125,000 USD mark by 2022.
Despite Draper and Lee’s enthusiasm, cryptocurrency markets look decidedly bearish at press time. At the time of writing, Bitcoin trades for $6,618 USD – buoyed by the news that the US Securities and Exchange Commission views neither Bitcoin nor Ethereum as securities.