In a recent conversation with an Israeli news outlet, Tim Draper, a recognized Bitcoin (BTC) supporter and investor, said that his $250,000 price prediction for Bitcoin by 2022 is conservative.
Draper Remains Sure About Bitcoin Reaching $250,000
During this conversation, Draper explained he made the $250k prediction when he said Bitcoin was going to reach $10,000. After some time, Bitcoin surpassed $10,000 and we are now moving towards $250,000.
At the same time, he added that $250k means that Bitcoin would then have around 5% of the market share of the whole market of currencies around the world.
About it, Draper commented:
“$250,000 means that bitcoin would then have about a 5% market share of the currency world and I think that may be understating the power of bitcoin.”
This would help individuals around the world to learn about this virtual currency and how it works. Usage is also expected to increase if Bitcoin hits $250,000. For example, with a smaller number of BTC it would be possible to make larger fiat transactions.
As it becomes easier for people to use Bitcoin, they may decide to use it instead of fiat currencies. He suggested it is necessary for the cryptocurrency market to make it easier for users to exchange, trade and spend Bitcoin on a daily basis for it to be adopted.
— Tim Draper (@TimDraper) September 14, 2019
Moreover, people will also see fiat currencies are being used as a political force rather than as a store of value. There are several currencies around the world that are experiencing high inflationary rates, including the Argentine peso (ARS) or the Venezuelan bolivar (BVS).
There are other experts that consider that Bitcoin is expected to reach even larger values in the future. For example, John McAfee predicted Bitcoin to reach $1 million by 2021, which is not a conservative forecast.
Some websites are already showing how his prediction is performing. However, Bitcoin remains far from reaching its previous all-time high registered in December 2017. In order to do so, Bitcoin would have to surge around 100% from the current levels close to $10,000.
According to data provided by CoinMarketCap, Bitcoin has a price of $10,350 and it has also a market cap of $185 billion. For Bitcoin to reach $250,000, it would have to grow 2315% in the next two years.