The digital currency market is currently in a tight range and is unable to gain fast momentum. Despite this, the Bitcoin bulls have an optimistic view for the future of the coin. A famous crypto enthusiast and venture capital billionaire, Tim Draper retains his earlier forecast that the virtual asset will cost around a quarter of a million dollars by 2022. Talking at the Crypto Invest Summit in LA, Draper discussed his forecast is based on Bitcoin not being as politicised as traditional currency which is backed by a government body. At the Summit, Draper said:
“So right now, there’s $86 trillion of political currency. They call it ‘fiat’ currency, but it’s political. And I believe that that currency will slowly be eaten up by a better currency which is global, decentralized, frictionless. It’s just a better currency. Bitcoin’s a better currency. And I think Bitcoin will be one of five cryptocurrencies.”
Digital currencies and the underlying blockchain technology has a really influential power which could change the way governments work and interact with communities. According to Draper:
“I think that government can be transformed in this big, huge way. Which is, you put all those technologies together. You have a token that’s global and decentralized. The token is now on a perfect ledger called the blockchain so you don’t require all this special accounting because the accounting is already done."
Draper also praised the automation which comes with a smart contract technology as it will help decrease red tape and corruption as everything that is supposed to happen based on smart contract conditions, will happen. Big data analytics and AI functionality will eventually replace the whole system. As reported by FXSTREET, they have said that “Considering that now BTC/USD is trading at $6,400, Draper's forecast implies nearly 4,000% increase in 4 years time.”However, despite the figures looking good, Draper isn’t the only one with such an extreme prediction. The co-founder of Civic and a member of the Bitcoin Foundation believes that $1 million for one Bitcoin a realistic price prediction for the distant future.In fact, the Winklevoss twins have got a $320,000 bet on for a 10-20 year time span for the price of Bitcoin to surge.What are your thoughts? Let us know what you think down in the comments below!