Billionaire venture capitalist Tim Draper has reiterated his expectation that Bitcoin will hit $250,000 by 2022.
 
Speaking at the recent Web Summit conference, he doubled down on his view originally given in April that despite 2018 being a quiet year for the cryptocurrency sector, Bitcoin will achieve a valuation of a quarter of a million U.S. dollars by the end of 2022.
 
“Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!” he affirmed.
 
Mr Draper has correctly predicted Bitcoin price movement in the past. “In 2014, when the price of BTC crashed from above $1100 to below $320, similar to the current precipitous fall in value experienced throughout 2018, Draper remained bullish on the original cryptocurrency and made the prediction that BTC would surpass $10,000 by the end of 2017–a claim that was proven true in November of last year,” reports Toshi Times.
 
At last week’s Web Summit, he added: “We are talking... about 5% market share to get to $250,000. That seems like a drop in a bucket and 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 ‘I’ve got this choice.’...Do I want a currency that I can take from country to country...or do I want one that sticks me in one country or one geographic area and I can’t use it anywhere else?”
 
Mr Draper then added a swipe at traditional fiat currencies. He asked: “Why do we even trust currencies that are determined by some weird political party or another?”