Tim Draper, Bitcoin bull and Venture Capital Investor has spoken out about his future predictions for the price of Bitcoin again. As ever, it’s a super high price and a very bullish prediction. Now before we delve into the full details of this, please remember that this is not investment advice. Draper is not an investment adviser and therefore his statements should not be used to justify your own investment decisions. Do your own research and make your own informed investment decisions. Only trade what you can afford to lose.

Draper believes that by 2022, Bitcoin will have reached a value of $250,000.00, sky high from the current value of Bitcoin, which at the time of writing sits at $6,609.79. Draper believes that the falling value of FIAT currencies will in turn cause the value of many cryptocurrencies to spike. Indeed, if Bitcoin does fly up to $250,000.00, the rest of the markets will see a positive leap too, especially given that Bitcoin dominance is riding high at the moment.

A secondary justification (and a slightly more believable one) for Drapers comments comes from his optimistic belief in blockchain technology. He believes the blockchain is bigger than the internet ever was and that this in turn is also going to cause a spike in the value of cryptocurrencies, simply because, as more people adopt blockchain technology, they are more likely to adopt cryptocurrency too.

According to Sludgefeed, whilst discussing the rise in blockchain technology, Draper said:

“What’s great is that when you buy some Bitcoin or you move something on a block, it is secure and you know that all those people and all those computers are making sure that that block was moved properly. There are plenty of hacks around the crypto-world but the Bitcoin blockchain has never been hacked and you know — knock on wood — we don’t think it ever will be.”

Furthermore, Draper offers one example of how the blockchain may eventually integrate itself into our daily lives:

“Big Data with Deep Learning is going to determine if we have a headache. They’re gonna say: ‘Oh, you take two aspirin in the morning.’ And me — they’re going to understand that I was in Fire Island and there is Lyme disease there and so I should check for ticks or take something preventative. And no doctor’s going to know that much about us.”

That last example is pretty frightening when you think about it…

Either way, the message here is to remain optimistic about cryptocurrency. Blockchain technology is moving forward and bringing with it a rise in crypto too. Prices might be tame at the moment but in a few years time, things may look very different. Of course, Bitcoin at $250,000.00 is quite an unrealistic prospect, but then I guess the only way to find out if this will happen, is to simply just wait and see.

Sludgefeed