The billionaire cryptocurrency enthusiast Tim Draper is quite confident that the dominant cryptocurrency Bitcoin will reach his $250,000 price target by the year 2022.
The venture capitalist recognised for his early stakes in Hotmail, Skype and Tesla, was interviewed by TheStreet at the Crypto-Finance-Conference in California. The discussion grazed through the prime technology, the on wider economy as well as cryptocurrency regulation before reinforcing his Bitcoin price target.
“This is going to be so big so if you see a dip, jump in. Maybe it will dip further but boy, I made that prediction and I’m sticking to it. $250,000 by 2022 for Bitcoin.”
Draper stepped into the crypto world through Bitcoin mining. But his holdings vanished in the famous Mt. Gox hack. A second shot arose at the point when U.S. Marshals put 40,000 Bitcoins from Silk Road up for the auction, that saw him acquiring the entire amount. The Bitcoin enthusiast has even bought smaller bits of the virtual currency throughout the years.
After that, Draper explained how the governments, operating as little tribes across the planet, are threatened by the decentralised currency. Internet was the very first to inaugurate the world and demolish geographic borders. However, the blockchain‘s impact will become “bigger than the internet ever was”.
“The industry that this is going to change is finance. It encompasses commerce and banking and insurance and real estate. More broadly, medicine and healthcare are going to change because of smart contracts. Big Data with Deep Learning is going to determine if we have a headache […] Now all of that can be done virtually because I might say I’ll have my pension and I’ll have my Social Security in Chile and I’ll have my medical insurance in Canada, and I’ll have my — you name it, whatever government services there are — that are provided independently of location.”
The venture capitalist has faith in blockchain and cryptocurrencies that they will eventually force the governments as well as companies across the world for competing to offer services like social security and medical insurance, for any person across the globe.
Where blockchain lovers celebrate the imminent disruption in the supply chain, financial system, healthcare, energy, etc. the government authorities are trying to tackle as well as control the phenomenon. It can be noticed by the fact that the Financial Action Task Force is going to agree with a set of standards to shut the “gap” made by cryptocurrencies.
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