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Tim Draper Gets Bolder on his $250,000 by 2022 Bitcoin Prediction

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September 16, 2019 | 

411 Views | 

Darryn Pollock | 

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Bitcoin predictions have become part and parcel of the cryptocurrency ecosystem with commentators offering all kinds of different price points for Bitcoin to reach in the coming weeks, months, and years. 

Some of these predictions are topping the millions in just the next few years, while others are more short term, and conservative. One prediction that initially seemed quite optimistic and bold has now been thought to be not bold enough. 

Tim Draper, well regarded Bitcoin Bull famous American venture capital investor has said his initial prediction that Bitcoin would hit $250,000 by 2022 is actually a little too weak, all things considered. Draper now believes that Bitcoin can reach much higher highest in the same time period based on its growth-ability. 

Part of the reason for having to rethink his prediction relates to where Bitcoin will fit in regarding the rest of the global currency market. Bitcoin is climbing the ranks in terms of its normalization and legitimation, but it is still a tiny market. 

For Draper, even if the coin, with its limited supply, was wirth $250,000 in the next few years, it would only make up a mere 5 percent of the entire market share of the currency of the world. Draper believes its power is far bigger than this and thus should be valued more. 

Make Bitcoin simple

There is no doubt that Bitcoin is gaining traction in terms of adoption - both from individual users and investors, but as well as from traditional banks and other institutions. However, there is also no getting away from the fact that Fiat remains superior in terms of uses. 

Bitcoin and others are trying to challenge for the right to be the useful currency of the globe, but according to Draper, the issue with this is that the cryptocurrency is still far too complicated. 

The VC billionaire argued that Bitcoin’s lack of ease of use is the main impediment of the cryptocurrency to the mass adoption to date, claiming that “engineers have not made it that easy enough for everyone to use Bitcoin.”

With that being said, Draper also says that down the line, this issue will be solved, helping speed up adoption, alongside a loss in faith of fiat currencies. Currently, the likes of the US Dollar, and the Euro, as well as the Chinese Yuan are under pressure from a global economic downturn as their centralized controlling bodies try and manipulate them.

Their depreciation and natural inflation are a scourge for investors whereas Bitcoin offers an ongoing deflation and appreciation which will lead people to adopt Bitcoin as a currency of choice once all the kinks have been ironed out. 

Draper has identified failing economies, such as Venezuela, and recently, Argentia, as places of hot bed adoption for Bitocin as people watch and experience first had the depreciation of their wealth. These countries have already seen an increase in Bitcoin usage and adoption, and this is through to continue growing.

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