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

 

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U.S. Controls 66.2% of Bitcoin ATMs Worldwide, Data Shows

Bitcoin ATMs have been around as early as 2013 and have expanded globally over the last few years. According to figures from LearnBonds and CoinATMRadar, there are now 6,484 Bitcoin ATMs in 73 different countries. The growth of Bitcoin ATMs seems to be speeding up as just this last year a total 2,351 new Bitcoin ATMs were installed, equating to 8 Bitcoin ATMs installed daily.

As remarkable as it sounds, all this growth has mostly taken place in the United States. There are now 4,274 Bitcoin ATMs in U.S. soil, which represents roughly 66% of all Bitcoin ATMs worldwide. Most of the ATMs are located in the state of California, probably due to the fact that the biggest Bitcoin ATM manufacturer, Genesis Coin, is an American company based in California.

Following the U.S. is Canada, which is responsible for 10.5% of all Bitcoin ATMs globally. Europe is the second most popular continent with 19%, mostly concentrated in the UK (4%) and Austria (2.8%). The third most popular continent is Asia with 2.1% and then South America with 1%. You can also find Bitcoin ATMs in Africa and Oceania, but the numbers are practically irrelevant.

Out of all the 6,484 Bitcoin ATMs, you can buy and sell other cryptocurrencies in 4,555 of them. Litecoin, Ethereum, and Bitcoin Cash are the most popular altcoins bought and sold. Although they are rather expensive to use, the fees and exchange rates are rather high, Bitcoin ATMs are seen as a driving force for cryptocurrency adoption.

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