Tim Draper not backing down from his words – bitcoin will reach $250,000 by 2022


In an interview with The Street, venture investor Tim Draper confirmed his forecast, according to which bitcoin will reach $250 thousand dollars by 2022.

“We started mining and we got a bunch of Bitcoin and we put it into this very secure exchange called Mt. Gox. So that money disappeared and then I thought: “Too bad.” [But] I thought virtual currency was really going to take off. We were going to have this new kind of currency and it was going to be awesome and I thought [Mt. Gox’s collapse] was the end of it. But Bitcoin only dropped about 10% or 15% that day…on news that basically the biggest exchange just stole a whole bunch of money.[But then] I thought: Wait a second. People really need this. This is really important. And so I started buying a little bit at a time,” Draper said.

The investor believes that bitcoin is safer than the US dollar. So, he bought out 40,000 BTC, arrested by the US Federal Marshals Service at the darknet marketplace Silk Road.

In the interview, the investor also shared his opinion on the effectiveness of digitalization, admiring the possibilities of the Big Data and machine learning, which are already capable of determining a person’s well-being and even creating recommendations for improving it.

According to Draper, the combination of modern technologies provides a safe environment for the life of each person. Cryptocurrencies, he noted, allow everyone to create “their own bank” and overcome geographical boundaries.

Finally, he recommended that traders buy while bitcoin is at the bottoms.

Earlier, Tim Draper expressed an opinion according to which in the next 15 years the capitalization of cryptocurrencies will reach 80 trillion US dollars.