About six months ago, venture capitalist Tim Draper predicted in a tweet that the bitcoin price would hit $250,000 in the year 2022. In the face of the 2018 bitcoin bear market, Draper is not backing down from his original claim.
In addition to sticking to his price prediction from earlier in the year, Draper also discussed bitcoin and cryptocurrency more generally at the recent Web Summit event in Lisbon alongside Blockchain CEO Peter Smith, Initialized Capital Managing Partner Garry Tan, and Fortune Senior Writer Jen Wieczner.
Sticking to His Guns
When Wieczner asked Draper whether he still thinks bitcoin will hit $250,000 by 2022, Draper’s first response was, “Of course!”
The longtime venture capitalist explained his position and stated that there is $86 trillion worth of “political” currency that exists in the world today.
“We’re talking about getting to about five percent market share to get to $250,000,” said Draper. “That seems like a drop in the bucket. All we really need to do is to make sure bitcoin can be used to buy Starbucks coffee.”
Draper did not cite a source for his claim that $86 trillion worth of “political” currency currently exists in the world, but a report by The Money Project from October 2017 put the global money supply at $90.4 trillion.. He added that consumers would be able to choose between a global currency or a currency that locks individuals into a single geographic area once bitcoin is easy enough for the average person to use.
Garry Tan Agrees
Tan echoed Draper’s thoughts and explained, “I love store of value. Store of value is the first and currently still the absolute best use case for cryptocurrency, but for me, it’s about medium of exchange . . . I want all goods and services to be transacted through a decentralized marketplace that gives power back to the consumer.”
Near the end of the discussion, Tan would go on to back up Draper’s call for a $250,000 bitcoin price in 2022. All three panelists were asked to make a price prediction for next year, but Draper explained that he’s better at figuring out what will happen over four, five, or ten years rather than what’s to come in the immediate future. Having said that, Draper, Tan, and Smith all agreed the bitcoin price would be higher at this point next year when pushed to give an answer.