Venture capitalist Tim Draper says that Bitcoin could occupy five percent of the currency market by 2023, which could push its price to $250,000
Legendary venture capitalist Tim Draper is still confident that the Bitcoin price is going to reach $250,000 in 2022.
In his recent interview, he explained that the uber-bullish forecast is not based on the halvening.
Bitcoin as a currency
Back in September 2014, Draper predicted that Bitcoin would be able to hit $10,000 in only three years. That prediction turned out to be conservative -- the Bitcoin price skyrocketed to $20,000 in December 2017.
Now, Draper claims that he's more confident about his $250,000 prediction than his previous one.
"I am more confident of $250,000 by 2022 or the first quarter of 2023 than I am of the prediction of $8,500 on December 31."
The most interesting part about his prediction is that it's not based on Bitcoin's stock-to-flow model (S2F). The coin's flow is halved every four years, which historically leads to a massive bull run.
Instead, he expects Bitcoin to secure a five percent market share as an alternative currency.
"My prediction was really based on creating enough of an infrastructure for Bitcoin to get a 5% market share around the world, as a currency."
Draper claims that he's still buying Bitcoin because he takes it for tuition at Draper University.
Draper's religion is progress
Draper states that he's moving towards a decentralized world that relies on Bitcoin and smart contracts. The media and governments around the globe will soon realize its potential.
"The currency business today is $86 trln. If you add crypto in 10 years from now, I think it's going to be $120 trillion. That's a huge, huge market..."
Draper also says that he does like the idea of forks because he loves innovations. He believes that Bitcoin Cash has potential since it has some "bright" people working on it.
"My religion is in building progress and getting us to this new decentralized world, which I think is coming."