The King of Crypto, Bitcoin (BTC), continues to make headlines across the globe with its impressive run in the markets. BTC seems to be firmly rooted in its new value above $8,000. The total crypto market capitalization has also increased to $301 Billion at the moment of writing this, with BTC dominance having increased to 47%. It is with such market action that many crypto-enthusiasts and prominent BTC crusaders are bullish about the coin moving forward.
One such individual is Tim Draper who believes Bitcoin will hit $250,000 by 2022. He made this comments during a recent interview with The Street. When asked about the future of Bitcoin and other cryptocurrencies, Tim Draper stated that:
“I’m not really interested in holding fiat, because it loses value over time. 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.”
The reason for his bold price prediction is that the popularity of Bitcoin and other cryptocurrencies will continue to grow in the next 4 years. He also expects alt-coins to grow and surprise us along the way. This will be made possible through by crypto-adoption as more people start paying for goods and services using cryptocurrencies.
Draper was quick to praise Japan for recognizing Bitcoin as a legal currency. Such an act should be used by the American SEC to also make a strong statement as described by Draper below:
“The United States is open for business! We intend to compete to retain the world’s best innovators.”
Draper also predicted the possibility of the American Federal Reserve becoming obsolete in the foreseeable future due to cryptocurrencies and decentralization. He actually suggested that they start looking for new jobs.
In conclusion, the future of Bitcoin and alt-coins is looking bright as we tread down this year and the next 4 years as mentioned by Tim Draper. His bold prediction of $250,000 might seem a bit insane right now, but anything is possible in the crypto-markets.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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