As one of the iconic figures in the Bitcoin space, billionaire, Silicon Valley venture capitalist Tim Draper once again believes that the price of BTC may reach $ 250,000 by 2022. He predicts that Bitcoin will be the "currency of choice" by then.
"I still stick to my predictions. I think Bitcoin will reach $ 250,000 by 2022 or early 2023, making significant progress."
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In a previous interview, he explained that his super-optimistic forecast for Bitcoin was not based on halving.
"My prediction is actually based on creating enough infrastructure for Bitcoin to give the currency a 5% market share worldwide."
Draper said that we are moving towards a decentralized world that relies on Bitcoin and smart contracts. Media and governments around the world will soon realize its potential.
"Today's currency business is $ 86 trillion. If cryptocurrency is added within 10 years from now, I think it will be $ 120 trillion. This is a huge market …"
Bitcoin can replace fiat currency
Traders say transferring bitcoin is still difficult, which is why it is difficult to adopt. However, once Bitcoin is sufficiently scalable, it can become a clear choice between paying credit card fees or using "frictionless, open and transparent" alternatives.
"Sometimes people will make this transition and Bitcoin will be the biggest winner."
According to USA Today, Draper had correctly predicted that the price of Bitcoin could soar to $ 10,000 after the 29,656 BTC auctioned in the first auction conducted by the U.S. Federal Law Enforcement Agency in June 2014.
In CNBC's latest interview, he did not specify how much of his $ 1 billion net worth was Bitcoin, but he did say he "owned a lot."
Don't be fooled by Buffett
Warren Buffett, chief executive of Berkshire Hathaway, has once again slammed Bitcoin and other cryptocurrencies as completely worthless assets. However, Draper was not surprised by his harsh criticism.
The venture capitalist pointed out that Buffett's total assets accounted for a staggering 50% of banks and insurance companies, which fundamentally explains why he hates Bitcoin.
"They don't do well in this new decentralized economy. He certainly won't like it."