Tim Draper: Bitcoin to hit $250,000 by 2022, $10 trillion market cap eventually

13 Jun, 2018
by Jelmer van der Dussen
News
Tim Draper: Bitcoin to hit $250,000 by 2022, $10 trillion market cap eventually

While the market keeps struggling, billionaire Tim Draper stays bullish on crypto and Bitcoin. He expects Bitcoin to hit a market cap of $10 trillion.

"I expect that since cryptocurrencies will increase the velocity of money, the current $86 trillion global market for currency will grow to be about $140 trillion in the next 10 years, and that growth will be in crypto", Draper says in an interview with The Street.

"In fact, I estimate that fiat currencies will actually decrease in use, and that crypto will become as much as $100 trillion of that market. I expect Bitcoin to be about 10% of that market, or $10 trillion (current market cap 112 billion). There is a lot of room to grow there."

Draper states that he already owns a lot of cryptocurrencies and mainly Bitcoin. "And I'm buying more", the venture capital investor continues. "I have no interest in selling my Bitcoin. What would I sell it into anyway? Moving from crypto to fiat is like trading shells for gold. It is reverting to the past. I'm thinking long term I'll use it, spend it, invest it, or just keep it."

"Price-wise, we'll continue to see Bitcoin move higher. I've revised my estimate up to $250,000 four years out, so we'll see Bitcoin trade around the $250,000 mark in 2022", Draper concludes.

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Read more about: Bitcoin (BTC)

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