Bitcoin to hit $250,000 by 2022? It might not be as crazy as it sounds...
That is the latest price prediction from Tim Draper.
If you are not familiar, Tim Draper is a billionaire tech investor who has been bullish on bitcoin since early 2014 at the very least.
He made headlines back in 2014 when he purchased roughly 30,000 bitcoins from an auction done by the US Marshals service relating the Silk Road shut down.
The price he paid for those 30,000 bitcoins wasn't made public, but they were estimated to be worth about $19 million at the time of the auction.
Why the $250,000 number?
It wasn't entirely clear why he picked that number, but speaking at a Blockchain event in California on April 12th he told investors to believe it.
Looking into his crystal ball, he proclaimed:
"I’m thinking $250,000 a Bitcoin by 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!”
Those may sound like crazy predictions, but keep in mind that Draper made a prediction like this before, and guess what, it came true!
Back in 2014 when he purchased those 30,000 bitcoins related to the Silk Road auction, he proclaimed that bitcoin would hit $10,000 per coin over the course of the next 3 years.
At the time, bitcoin was worth about $400 per coin.
Fast forward 3 years later to 2017, and bitcoin not only hit $10,000 like he predicted, but it got pretty close to $20k per coin before the end of 2017.
So, before you throw out this wild sounding prediction, keep in mind that the last time he made a prediction like this for an extreme price rise, he nailed it.
(Source: https://www.ccn.com/billionaire-tim-draper-sets-250000-bitcoin-price-target-for-2022/)
More than just Draper making bullish predictions?
Tom Lee of Fundstrat Global Advisors has been calling for $25k by the end of 2018 for some time now.
He makes those claims based on previous trends and patterns seen in the price action of bitcoin.
Crypto Hedge Fund, Pantera Capital also says that there is a very high probability that bitcoin breaks $20k at some point before the end of this year.
Then there is Brian Kelly, CEO of BKCM, who went on CNBC's fast money last night and basically agreed with Tim Draper's $250,000 bitcoin by 2022 prediction.
Saying that although it sounds crazy, there might be something there...
"When one considers that BTC already had a 4,000 percent return over two years, a 3,000 percent return over four years could be merely a continuation of the trend we’ve already seen.”
While $250,000 might sound crazy on first glance, the prediction is coming from a guy that nailed his last major bullish call for bitcoin and if previous trends repeat themselves, there is support for a massive increase in prices over the coming years.
Stay informed my friends.
Image Source:
https://www.indicrypto.com/news/experts-expect-bitcoin-price-to-hit-250000-by-2022-heres-why/
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Awesome... For we lazy bones to catch up 👍
#bitcoin
I agree 100% #hodl #bitcoin
I do agree also.
That's more than a 30x
Which would translate into more than a 7000x for STEEM!
All other things being equal. 😉
I think bitcoin will hit 250k even before 2022 considering the rising popularity of bitcoin will deplete value out of fiat and non-inflationary nature of bitcoin more people will trust bitcoin and will use it for storing and money exchange. The only issue currently is scaling and high fee which should get resolved with time.
You are missing the point crypto is an intermediate system its not the end all be all its just there to co exist with fiat. till the entire population agrees to a new sort of system. crypto is not about destroying the old system its about adding value to it., so there will be no depletion of value for fiat. around 2025 is when you will see a crypto boom though where it will explore and grow very fast. but in the end its just a system that is meant to bring greater freedom and will last lets say 20-30 years before a new better one comes about.
250k is too high!
Everyday btc this or that.
Are you saving for this or that ?
Cause when it is here you need to scream or cry.
Keep on steemin'
Sounds about right to me! Please take STEEM along for the ride too 👍💰💰💰👍
Yes please.
$250,000 is very conservative prediction. It would go much higher. Number 1 reason is because government is failing so their fiat money is losing value.
My father invested on 401k began from 18 yeard old. Now he is 60, the same amount of money he can withdraw now. But what is the value of all the money he invested? The time he invested a 300 dollar is worth real 300 dollar but if your withdrawing it today your 300 dollar is now worth 200 today or even worst... The inflation is a killer. Great blog @jrcornel
Who will buy it win!
In principle Bitcoin's engine can support any price. The one big issue is electricity consumption. Mining is driven by profit which is mining income less electricity cost (and some overhead). If the price of Bitcoin increases there is more income and hence there will be more miners. Sadly it does not even matter if miners get more efficient as we will just have more of them, driving the difficulty and hashrate up. Today mining has the footprint of Costa Rica (+/- depending on which estimate you take). If the price rises to 250k$ Bitcoin's footprint will be between that of the Philippines and that of Australia (depending on the estimate you take). One halving taken into account here. Is it politically feasible to allocate that much electricity to Bitcoin Mining? Is the level of security justified to protect the market cap (or is it too high driven only by profit seeking miners)? Finally, Bitcoin could change the consensus algorithm but would it still be Bitcoin then?
That's another bounty of rising
This could imply a massive devaluation in USD...