During a panel discussion at the Web Summit conference on November 6th, Tim Draper repeated his prediction regarding the price of Bitcoin (BTC).
Draper’s prediction is of $250,000 Bitcoin by 2022. This wasn’t the original prediction though – at first Draper believed that this price will already be reached by April of this year.
When asked for the reasons behind his belief in such a massive price increase in a relatively short time span, Draper explained:
“all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say ‘I’ve got this choice.’ […] Do I want a currency that I can take from country to country […] or do I want one that sticks me in one country or one geographic area and I can’t use it anywhere else?”
Draper continued to bash fiat currencies: “why do we even trust currencies that are determined by some weird political party or another?”. Draper expressed his distrust towards fiat, based on the fact that banks are simply issuing money “whenever they feel like it for whatever reason they want it,”.
It is hard not to agree with this logic.
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