Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Tim Draper during his recent “Draper Block(chain) party” in California said that Bitcoin could multiply thirty times from its current price.
The cryptocurrency market is on a minor correction today after registering a good recovery on Thursday, April 12, continued back the next day. In the past three days, the highly consolidating crypto markets posted a 20% recovery by adding $70 billion to its valuations and many analysts and crypto pundits are predicting that this swift jump could be due to institutional investors making entry.
As more analysts showcase a bright future for Bitcoin and overall crypto markets, renowned tech investor and billionaire Tim Darper too voiced his opinion recently at his “Draper Block(chain) party” in California. The billion-dollar venture capitalist predicted that the price of Bitcoin could multiply by 30 times in the coming five years, by 2022.
Tim made this bold prediction saying: “I’m thinking $250,000 a bitcoin by 2022. Believe it. They’re going to think you’re crazy, but believe it. It’s happening and it’s going to be awesome!” Note that Tim Draper is not just any ordinary person forecasting the price of Bitcoin as he holds an exceptionally good record for predicting the price movements, and so his words could hold some serious weight.
Three years back in 2015, Draper had predicted Bitcoin to close 2017 above $10000, and we all know how the cryptocurrency went to make a high of $20000 before finally closing the year above $13000.
Friday morning (New York time) Draper tweeted through his official account where he mistakenly quoted “bitcoin at $25k by 2022”.
Serious winds (of change) at our block (chain) party last night. Predicting bitcoin at $25k by 2022.
— Tim Draper (@TimDraper) April 13, 2018
Later he soon corrected this in his very next tweet saying:
Oops! I predicted $250k in 2022. My tweet last night was missing a zero. $250k is the number!
— Tim Draper (@TimDraper) April 13, 2018
Draper’s views were later echoed by Brian Kelly, founder and CEO of BKCM, an investment firm focused in digital currencies, who told CNBC: “It sounds crazy, but think about it this way: that’s four years from now. That’s a 3,000 percent return from here. But over the last two year,s bitcoin has had a 4,000 percent return. It would be a continuation of that trend.”
Draper also praised the underpinning blockchain technology saying it to be truly transformational in a way to disrupt services across multiple sectors like healthcare, finance and others. While talking about the blockchain technology to San Mateo Daily Journal, Draper said: “It’s honest, it’s straightforward, it’s incorruptible, and it’s fair. The blockchain is one of the most transformational technologies that has happened in the history of the world, and it is totally worth celebrating.”
Draper is not the only billionaire investor who is remaining positive on the future of Bitcoin. Recently, reports about hedge-fund-titan and billionaire investor George Soros joining the digital currency space emerged. Sources familiar with the management said that the Soros Fund Management has also released an internal approval for the same.
Another giant from the financial space – The Rockefeller family ( worth over $1 trillion) has joined hands with CoinFund to help startups and companies launch blockchain-based businesses by providing them the required capital. The Rockefeller family will be making these investments through its venture capital arm – Venrock.
David Pakman who is a partner at Venrock said that the firm is betting on long-term investments in the blockchain. Pakman said: “There are a lot of crypto traders in the market. There are a lot of cryptocurrency hedge funds. This is different. To us, it looks a little bit more like venture capital.”