On Thursday, April 12, 2018 billionaire venture capitalist Tim Draper, the founder and managing director of venture capital
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!
Yesterday morning he tweeted about his prediction at the party:
Serious winds (of change) at our block (chain) party last night. Predicting bitcoin at $25k by 2022.— Tim Draper (@TimDraper) April 13, 2018
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:
Oops! I predicted $250k in 2022. My tweet last night was missing a zero. $250k is the number!— Tim Draper (@TimDraper) April 13, 2018
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...