Billionaire Tim Draper Calls $250,000 a Conservative Estimate for Bitcoin
Out of the gate, cryptocurrencies were hotter than sliced bread.
Then 2018 hit, and well, they crumbled.
However, governments and institutions alike have just begun to warm up to them, as an alternative means to banking. And while the U.S. SEC has been slow to green light ETFs, there’s still plenty of momentum and interest. Binance is launching Binance U.S. Auditors like PwC Luxemboug will soon accept Bitcoin payments.
And now billionaire Tim Draper is out with a BTC forecast of $250,000 by 2022 – which according to him is a “conservative” prediction.
Even the founder of China’s first Bitcoin exchange platform, BTCC, Bobby Lee says BTC could reach $200,000 in a very short time frame.
“We are in one of many, many cycles to come. Any cycle will take us to higher and higher heights. I’m quite confident sitting on my bitcoin investment that in a very short amount of time we’ll exceed $20,000 and go to $50,000, $100,000, even $200,000,” he says as quoted by Bitcoinist.
Then again, aggressive predictions like these are nothing new.
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In late 2018, billionaire Michael Novogratz said BTC would hit $20,000 by the second quarter of 2019. At the time, he noted, “There’s going to be a case of institutional FOMO [fear of missing out], just like there was in retail.”
Granted, we didn’t see $20,000, but we have seen an increase in institutional interest.
At the moment, the billionaire still claims BTC will hit $20,000 this year. “I don't think I'm selling the next time we’re up to $14,000,” he told Coin Telegraph. “I think the next time we get up there it’s closer to $20,000 [...] I don't expect that in the next few weeks, I don't expect it till the middle or the end of the fourth quarter.”
Late last year, Fundstrat’s Tom Lee said we’d see $15,000 BTC soon.
He said cryptocurrencies can have a bright future once institutional investors begin to come around. “The next wave of adoption is institutional,” he said, as quoted by CCN. “There is a crossover happening. This is just an awkward transition.”
While there’s a good number of big predictions, one thing is for certain.
Unless markets see further adoption and interest from institutions, and unless we soon see support from the U.S. SEC, cryptocurrencies could do a lot of running in place for a while.
Stay tuned for more on this developing story.
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