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

 

Crypto Wallet Provider Blockchain.com Launches Retail Lending Service 'Borrow'

Michael LaVere
  • Crypto wallet provider Blockchain.com is launching its retail lending service "Borrow."
  • The new service will allow clients to borrow the USD Digital stablecoin against bitcoin held in their wallet. 

Cryptocurrency wallet provider Blockchain.com has launched its official retail lending desk following its foray into institutional lending last August. 

Blockchain.com, which operates a suite of crypto wallet applications with over 46 million users, has officially launched its retail lending desk. The project, called “Borrow,” allows clients to borrow the platform’s native stablecoin USD Digital gainst bitcoin held in their Blockchain.com wallets. A spokesperson said USD Digital is powered by Paxos and functions similarly to the PAX stablecoin. 

Peter Smith, Co-founder and CEO of Blockchain.com, said in a press release shared with CryptoGlobe:

Institutional and retail investors have the same financial goals – grow wealth and manage risks – but the tools at their disposal are vastly different,. Now, with our suite of trading products and Borrow, retail users can trade like the big guys without selling the crypto they’ve stockpiled or leaving their Wallet.

The lending desk currently only supports bitcoin, but has plans to expand coverage for more cryptoassets “soon.”

Borrow’s launch follows on Blockchain.com’s foray into institutional lending markets last August, with the platform increasing its loan originations to $120 million.

Featured Image Credit: Photo via Pixabay.com