Billionaire Investor Explains Why Bitcoin Price Will Hit $250,000 by 2022

Billionaire venture capitalist and investor Tim Draper has long been one of cryptocurrency’s biggest bulls, and that has not changed during the first half of 2018, even as the bitcoin price has sunk more than 67 percent from its all-time high.

Draper, as CCN reported, has predicted that the bitcoin price will reach $250,000 by 2022, a far cry from the estimated $650 per coin that he paid in 2014 when he won nearly 30,000 BTC from the US Marshals Service in the famous Silk Road auction.

Speaking with financial publication TheStreet, Draper said that the recent market downturn has not caused his confidence in that forecast to waver.

“Price-wise, we’ll continue to see Bitcoin move higher. I’ve revised my estimate up to $250,000 four years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022.”

Draper said that he is basing this bet on the expectation that cryptocurrencies — he’s invested in more than just bitcoin — will “increase the velocity of money” such that the global currency market will hit $140 trillion within the next decade.