Venture capitalist Tim Draper, often classified as one of crypto’s biggest bulls, recently doubled-down on his ambitious Bitcoin (BTC) prediction, calling for the digital asset to breach $250,000 in a few years time yet again.
Tim Draper: Bitcoin (BTC) To Explode In Value Alongside Retail Adoption
Speaking on a panel at Web Summit 2018 in Lisbon, one of the technology industry’s leading events, Tim Draper, a world-renowned entrepreneur and venture capitalist, outlined his opinion the current state of the cryptocurrency market and where it could head next.
For those who aren’t in the loop, in April earlier this year, Draper called for BTC to surpass $250,000 in due time (2022), cementing his likeness in the halls of crypto fame, so to speak. However, while some of Bitcoin’s biggest bulls, like Mike Novogratz, have since scaled back on their short- to mid-term predictions, Draper has essentially remained hell-bent on maintaining his bullish call.
On stage with Garry “BUIDL” Tan, Coinbase’s earliest investor, and Peter Smith, CEO Of Blockchain (the company, not the technology), the panel host posed a tough question to Draper. The question, of course, had everything to do with his forecast, and if it still stands to this day.
Seeming poised, even giddy at the chance to answer such a question, the venture capitalist, readjusting his position on the couch, exclaimed: “well yeah… of course!”
Giving his call, which is 4,000% higher than BTC’s current value, some credence, Draper drew attention to the value of every single asset across the world — a jaw-dropping ~$86 trillion.
So, doing some napkin math, the well-known investor claimed that if BTC surpasses $250,000, it would still be a “drop in the bucket” in comparison to legacy capital markets. In fact, if the asset were to surpass the aforementioned figure, BTC would ‘only’ amount to 4.5% of the world’s wealth, a feasible amount in Draper’s eyes.
But you may be wondering — what’s going to get this market there?
Well, as put by the aforementioned industry insider, whose son runs San Francisco-based Boost VC:
All we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden, the world just opens up and then they say that ‘I’ve got this choice [between fiat and crypto].’
He went on to add that “it’s a simple choice,” noting that crypto assets are borderless and censorable, while fiat (which he calls “political currency”) is essentially constrained by borders and global restrictions and regulations.
Tan, a fellow panel member, echoed his claims, drawing attention to crypto and Bitcoin’s “best use case” as a medium of retail exchange, not just as a digital store of value. He explained that it would be advantageous for consumers to transact through decentralized systems, as it removes power from centralized entities, which is the end game for this nascent innovation.
This, as noted by Tan and Draper, will be the catalyst that drives BTC above $250,000 for the first time ever.
Closing off the panel, Draper explained that while he isn’t 100% sure where BTC will head in the short-term, the crypto space will undoubtedly garner wheelbarrows of traction over the next decade.