Tim Draper, Venture capital investor has reaffirmed his BTC price prediction. He believes that bitcoin price will surge to $250,000 by 2022. Draper said this in a Web Summit panel discussion held on Nov. 6.

Bitcoin (BTC) Price Today – BTC / USD

Name Price 24H % $10,294.47 -1.40%

Initially, Draper predicted that bitcoin price would reach $250,000 in April earlier this year. He said,

“Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!,”

The basis for his prediction

In the recent Web Summit conference, Draper was asked whether he believes that BTC will reach $250,000 or experience a forty times return within four years.

He replied,

“Yes. We are talking […] about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say ‘I’ve got this choice.’ […] Do I want a currency that I can take from country to country […] or do I want one that sticks me in one country or one geographic area and I can’t use it anywhere else?”

The venture capitalist also questioned the need for political or fiat currencies. He stated,

“Why do we even trust currencies that are determined by some weird political party or another?”

Draper believes that banks issue money when they feel like it for any reason they want. The emergence of a completely apolitical, open and global currency could cede bank’s control of money to common people.

He spoke at the GovTech Pioneer conference in May and presented a vision of the future where Blockchain uses smart contracts along with artificial intelligence. This, he believes, will change the role and responsibilities of the states.

“If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy,” Draper said.

Two months ago, Draper predicted that the total digital market capitalization would surge to $80 trillion within fifteen years. he argued that the slide in the crypto market in recent times is attributed to individuals who hadn’t adopted the currencies as a new asset class.

He said,

“Cryptocurrency will go after trillion dollar markets — these are finance, healthcare and insurance, banking and investment banking, and governments.”

Bitcoin price analysis

Presently, BTC is traded at $6,428. It is on a steady decline. The coin’s price fell to the weekly minimum due to mixed news background. In Thailand, the deputy prime minister said the present laws in the country are not enough to regulate the crypto sphere. He called for more control over the market.

In South Korea, a body, the Layers Association is calling for legislation for the crypto sector as well as Blockchain technology. Considering such news, the short-term outlook for the coin is that it may drop to $5,450.

We can expect price reduction continuation in the short term. Technical analysis of the coin has revealed that the price did not consolidate above the $6,500 level. Local support formed at $6363 and if there is a breakdown, a decline to $6,220 is a possibility.

Alternatively, if there is a consolidation above $6,500, then there will be an increase to $6,620 and to $6,730.