Billionaire Investor Tim Draper Expects Bitcoin To Reach $250,000 By 2022

Siamak Masnavi
  • Venture capitalist billionaire Tim Draper predicts bitcoin's price will hit $250,000 by 2022.
  • Draper correctly predicted, in September 2014, that the cryptocurrency's price would go from around $400 to $10,000 in three years.

On Thursday, April 12, 2018 billionaire venture capitalist Tim Draper, the founder and managing director of venture capital

firm DFJannounced at the Block (Chain) Party at Draper University (in San Mateo, California) that he expects the price of bitcoin (BTC) to reach $250,000 by 2022:

I'm thinking $250,000 a bitcoin by 2022... Believe it. They're going to think you're crazy, but believe it. It's happening and it's going to be awesome!

Tim Draper

Yesterday morning he tweeted about his prediction at the party:

Unfortunately, as you can see, he mistyped $250k as $25k, which naturally caused quite a bit confusion. Later that day, he corrected himself in a follow-up tweet:

Tim Draper is a key figure in the blockchain and cryptocurrency space due to his many venture capital investments in Silicon Valley.  His most famous investment was made back in June 2014, when his winning bid at an auction held by the US Marshalls Service allowed him to acquire 29,656 bitcoins that had been seized from the now defunct online black market Silk Road. The BTC price at the time was at around $600.

Three months later, in September 2014, in a TV interview on Fox Business, the billionaire made the following prediction: "$10,000 per bitcoin in three years." Taking into account one BTC was worth around $413 at the time, his prediction seemed off. Rouhgly three years later, on 29 November 2017 to be precise, the price of bitcoin crossed $10,000 for the first time.

At the time of writing, according to CryptoCompare data, the price of one bitcoin is $8,044. Once again, his prediction seems overly bullish, but only time will tell whether he is right or not.

It is worth noting that Draper isn’t the only billionaire that’s bullish on bitcoin. Cameron Winklevoss, who together with his twin brother Tyler launched the Gemini cryptocurrency exchange, said at a CNBC-hosted chat at the Milken Institute's MENA Summit on February 7, 2017 that he expected bitcoin's price to appreciate by 30-40 times within the next 10-20 years. This is how he explained his faith in bitcoin:

Taking bitcoin in isolation … we believe bitcoin disrupts gold. We think it's a better gold if you look at the properties of money. And what makes gold gold? Scarcity. Bitcoin is actually fixed in supply so it's better than scarce … it's more portable, its fungible, it's more durable. Its sort of equals a better gold across the board...

Cameron Winklevoss

 

Cryptocurrency Exchange Kraken Announces 'Recommitment' to Indian Market

  • Cryptocurrency exchange Kraken has announced its "recommitment" to the Indian markets following last week's Supreme court decision.
  • India's Supreme Court overturned a controversial ruling by the Reserve Bank of India prohibiting banks from lending to crypto businesses. 

Cryptocurrency exchange Kraken has announced its recommitment to Indian markets following a Supreme Court ruling made last week. 

According to a blog post published Mar. 9, Kraken is planning to expand its presence in Indian markets following the Supreme Court’s decision last week to overturn the Reserve Bank of India’s (RBI) controversial ban on cryptocurrency. In 2018, the RBI issued a ruling prohibiting banks from opening accounts for cryptocurrency businesses.

Kraken claims to have a history of servicing the Indian market with a full suite of exchange products but had their growth stifled following the RBI proposal. With the Supreme Court reversing the decision, Kraken has reaffirmed its commitment to India. 

The post reads, 

As believers in the potential of cryptocurrencies to promote financial freedom, we’ve long seen our services as essential in opening access to Bitcoin and other cryptocurrencies.

Kraken’s Head of Global Business Development Sunny Ray, who founded the first regulated crypto exchange in India, explained the significance of the ruling,

This is an incredibly emotional moment for India. Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.

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