Despite recent brutal sales on the smuggling market, Tim Draper, which is Draper Fisher Jurvetson and is an independent billionaire, insisted that the cryptocurrency will still reach the projected $ 250,000 price target by the end of 2022.
In 2018, Draper had argued quite boldly that the price of Bitcoin could rise to $ 250,000 by 2022. He has remained completely optimistic about the future of this particular cryptocurrency and since he made his predictions, nothing of the importance to him has ever occurred that could shake his optimistic determination on the subject.
Tim Draper, also known as a successful venture capitalist by investing in some famous companies like Tesla, Skype, Coinbase, Hotmail and others, recently told Benzinga in an interview that his prediction of Bitcoin would eventually come true due to unpopular Bitcoin commands and growing acceptance rates.
– Tim Draper (@TimDraper) July 17, 2021
He made it clear that while there have been ups and downs in the market, he remains steadfast in his predictions. He believes that bitcoin’s openness, openness, decentralized, globally reliable, and frictionless features set it apart. He believes that with advances in technology, Bitcoin will be able to maintain its position when faster and better applications are designed for it. He’s pretty sure Bitcoin will reach $ 250,000 per coin by 2022 or early 2023.
Bitcoin’s current value is $ 31,668.02, and if it is to be sold at the projected price of $ 250,000 by the end of next year, the crypto currency will need to be valued at about 800 percent.
“Freedom and trust”
Draper believes in the idea that Bitcoin represents freedom and mutual trust. He even mentioned that certain economies are built around this particular cryptocurrency, and globally, people who are able to participate in that ecosystem, conduct their business and transactions around it, really take advantage of decentralized, secure and overall easier. It is clear that there are exceptions everywhere, and in this case Argentina and Nigeria can be mentioned, where the fiat currencies of each country have gradually and continuously devalued.
In the United States, however, things look much better. Government economic experts firmly believe that Bitcoin will continue to be able to provide shelter from inflation, as it is still the best modern hedge fund against inflation situations should they arise.
Draper further added that he wants to focus on things where he sees people really investing a lot in improving the technical content of a particular topic, in this case their digital currency. Many engineers are currently working to develop Bitcoin at the moment. Last week, Bitcoin received its first update in four years. The update has been named Taproot, which is expected to take effect in November. Taproot is designed to improve and ensure better security because it addresses some important privacy issues that have been there for some time. In addition, it is designed to make Bitcoin transactions more efficient and faster. In addition, this update also allows users to enjoy the benefits of smart contracts Bitcoin block chain.
Draper believes that Bitcoin will be at the center of most of its economic activity over the next two or three decades. However, there have been concerns about the adverse environmental impacts of Bitcoin’s mining processes, which led Elon Musk to cancel Bitcoin stores in Tesla. But he lifted the encryption ban after a few days, noting that newer, clean-energy mining methods are being investigated.
Draper had also predicted an increase in Bitcoin in 2014, when the price of Bitcoin was only $ 500. He predicted it would rise to $ 10,000 over the next three years, and it happened. Even now, he is still optimistic about its growth, and it is only a matter of time before the world gets to see if Tim’s predictions come true or not.