Venture capital billionaire Tim Draper has said he believes the price of Bitcoin will rise to $250,000 US dollars by the year 2022.
He made the statement ad the Crypto Invest Summit in Los Angeles. He told AMTV that he is sticking to his prediction because Bitcoin does not share the political nature of money backed by governments.
“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 better currency. Bitcoin’s a better currency. And I think Bitcoin will be one of five [cryptocurrencies].”
ShapeShift CEO Erik Voorhees. Shares Drapers opinion and has tweeted:
“Bitcoin’s inflation schedule is set for the next 100 years: transparent, unwavering, and known to all parties. US Dollar’s inflation schedule is unknown even 1 year out: opaque and manipulated quarterly. One model mathematical & civilized; the other political & antiquated.”
Draper believes that cryptocurrency and blockchain technology will not only consume the value of traditional fiat currencies but will also offer a transformational opportunity to change the style in which governments do business.
“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.
And then you can build smart contracts so that all these contracts are built into the cloud so that whatever is supposed to happen in a contract happens. And then you have all that big data. You have the ability to take that data, add artificial intelligence to it, and make decisions. Think about what a bureaucrat does. You can replace the entire bureaucrat with artificial intelligence, a smart contract and the blockchain.”