American tech investor and billionaire renowned for his bullish positions on cryptocurrency, Tim Draper forecasted a whopping $250,000 for one BTC by 2022 during a speech at an event hosted by his own Draper University in San Mateo, California, on April 12.
In 2014, Draper acquired a whopping 30,000 BTC in an auction held by the United States government – the coins were seized from the notorious Silk Road marketplace.
Draper has never shown any timidity when it comes to making forecasts about cryptocurrency, and his latest stance is that he expects Bitcoin to spike to $250,000 by 2022.
While the prediction appears extreme, the investment tycoon has a stable track record with Bitcoin price forecasts. In 2015, he accurately foretold that Bitcoin will reach the $10,000 mark by the end of 2017. Bitcoin broke the $10,000 streak on November 28 of the same year in the midst of its incredible bull run.
As reported by San Mateo Daily Journal, Tim Draper said: “The blockchain is one of the most transformational innovations that has occurred in the history of the world.”
The volatility of the cryptocurrency markets is also indicated in the tremendous range of forecasts coming from both experts and average cryptocurrency commentators alike.
While the likes of Tim Draper, David Drake, and John McAfee, are very confident about the long-term prospects of the digital currency ecosystem, there is no shortage of bears. It was reported recently that a team of Swiss researchers constructed a model which predicted the market capitalization of Bitcoin would drop considerably below $100 billion by the end of the year. Conceivably the most renowned investor of all time, Warren Buffett, is also taking the bear position, predicting that digital currencies are going to have a “bad ending.”