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Experts Expect Bitcoin Price to Hit $250,000 by 2022, Here’s Why

Ricardo Esteves | April 14, 2018 | 1:37 pm
Analysis

Experts Expect Bitcoin Price to Hit $250,000 by 2022, Here’s Why

Ricardo Esteves | April 14, 2018 | 1:37 pm

American venture capital investor Tim Draper, an early backer of Tesla, Skype, and SpaceX, is one of the most high-profile Bitcoin investors. With absolute confidence that bitcoin is the future currency, Draper announced that he predicts the bitcoin price will reach $250,000 by 2022.

Tim Draper Predicts Bitcoin at $250,000 By 2022

Tim Draper has thrown a cryptocurrency celebration on Thursday, called Blockparty, not to be confused with British indie rock band Bloc Party. The party poster, which was placed in front of his entrepreneurship program, Draper University, made a bold statement: “Tim Draper Predicts Bitcoin @ 250K By 2022”.

The billionaire investor has bought 30,000 Bitcoin in a US Marshals auction in 2014. That amount of cryptocurrency is currently worth about $240 million. If his prediction turns out to be correct, Tim Draper can expect his Bitcoin portfolio to be valued at $7.5 billion by 2022. Draper has said that he will never sell it in exchange for fiat money: “That’s like saying I’m going to take the present and future and turn it into the past. I’m not an antique buyer”, he told documentarian Sharad Kharé in a recent interview.

He announced on Twitter the bold prediction, but a typo jittered his social media following: “Serious winds (of change) at our block (chain) party last night. Predicting bitcoin at $25k by 2022”, he first wrote before correcting the number by adding an extra zero to the future bitcoin price. “Oops! I predicted $250k in 2022. My tweet last night was missing a zero. $250k is the number!”

Tim Draper did not disclose the method he used to calculate his forecast of $250,000 by 2022. A “somewhat” close number was provided by Horizon Kinetics’ Murray Stahl, who argued that Bitcoin could be worth the value of all the currency in the world because fiat money can be “debased”, but there will be only 21 million Bitcoins ever made. This would amount to approximately $361,000 per Bitcoin, according to Barron’s estimate that the cumulative value of the world’s coins and banknotes is $7.6 trillion

In the abovementioned interview with Sharad Kharé, Draper said he expects that, in five years, whoever tries to pay in fiat currency will be laughed at. This adds to his 2022 prediction. A world that will laugh at someone trying to pay in fiat currency is a world where Bitcoin is very likely established as the ultimate value investment. It might be hard to imagine such a revolutionary change within the next four to five years, but Tim Draper clearly does. The same way he imagined Tesla, Skype, and SpaceX, to be an invaluable part of our future.

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  • RBSCebu

    Tim’s prediction may be rather conservative. $8k to $250k within 4years is only a 7.5% increase per month.

  • Jim Kelly

    Tim Draper is a fraud. Who is going to pay $250,000 for something that has no value? It was all of the con artists that got bitcoin to reach a bubble top before. Bubbles never re-inflate themselves. It barely made $8000. Never listen to Draper.

    • Justin Wyatt

      Jim Kelly, you have no clue what you are talking about. Do you know how many times bitcoin has “crashed” and then come back way stronger? There is trillions of dollars of value in the digital world. Just because it is intangible does not mean it has no value. Fiat is the bubble and fractional reserve banking exacerbates the problem. When banks can loan way more money than they even hold and governments spend way more than they even have and print more fiat, the currency is doomed. Cryptocurrency is the future. Once it becomes easier to use and it becomes safer and more trustworthy, it will explode once again. Most of our payments are all just numbers in a computer anyway.

      • Jim Kelly

        The rally of 2017 was the final bubble for bitcoin and crypto. Over half of crypto ICO’s of 2017 have already collapsed. Nothing you said will matter for bitcoin or the dollar, which has been around for over 150 years. The top for bitcoin occurred the day futures trading was introduced. No bank, no country, and nearly all major retailers will not accept bitcoin. Bitcoin will become a relic and the largest bubble in history. The mighty dollar will live on. Bitcoin was nothing but a speculative bubble. The biggest ever.

        • BBoi

          you are the only one that will go into a shop still holding your dollar note to buy a can of pop and you will be laughed at

        • Brian A

          You obviously havent been watching the tech.

          Barely made 8k? It went from 6700 to 8500 in 30 minutes. It will hit 10k by next month this time. 30k by 2019.

    • anyone

      you gonna lose bub.

    • Not so. It is a technology that has a unique investment opportunity. Will banks and governments seize the technology and expand beyond the people who keep it running by mining it and processing it machines in their houses, possibly? I think it may be more likely that banks and governments adopt the technology to provide stronger infrastructure to the current system. If that happens, bitcoin may indeed win since banks can’t compete against a decentralized system. Or they may be able to stop the system and take it for themselves. I think the latter is likely. Regardless, the technology is here, it’s only a matter of time before it is improved and standardized to make the current system obsolete. There are things that banks offer that crypto can’t, like preventing someone from hacking the bank and stealing all the coins. Yet crypto can be sent so much more easily. A marriage between the two is likely and to make money on bitcoin would be a bet that bitcoin wins the marriage. It’s not as simple as saying it’s over. It’s bubbled up and down for years. Even if it doesn’t win in the long run, given its history, another bubble, as many VCs in Silicon Valley agree, is bound to happen again in the future.

  • Wilder

    And the questions stands: How much bitcoin do you have? Do you have a strong hand?

  • I seriously doubt it will be worth that much or anything close to it, but the reasoning makes sense. They are betting bitcoin will succeed and personally, that’s very unlikely to be allowed by governments around the world. It’s the technology that matters and banks will (and area already) adopt the technology and make money off of it. It’s not something that’s meant to be made a profit from, anyway. If you mine it or run a node for processing transactions, that’s one thing, but to think, “Oh, I’ll buy this today and become a millionaire,” you’ve already lost. If bitcoin becomes ubiquitous, then you probably will make some money, but to think that the banks and other, bigger corporate *and government* players won’t take the technology and outdo a bunch of people running machines in their houses, you’re mistaken. That’s my opinion, anyway. I cashed out at 18k, so take that for what you will, too.

    • Vince Verrette

      ”that’s very unlikely to be allowed by governments around the world” it’ll be successful with or without their consent if it has to be. bitcoin exists because trust in government and banks and financial regulators decreases. our trust has been abused and we have been robbed and that is why taking the power of money creation away from them is necessary, yet we know power corrupts and who has the power of money creation has the most power. the idea of making money and money creation neutral in a decentralized network is genius and better monetary ideal we ever had.

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