Billionaire Bitcoin enthusiast Tim Draper remains confident that the dominant cryptocurrency will reach his famous $250,000 price target by 2022.
Tim Draper Expects Crypto Age to be ‘Bigger Than the Internet Ever Was’
The venture capitalist known for his early stakes in Tesla, Skype, and Hotmail, was interviewed by TheStreet at the Crypto-Finance-Conference in California. The talk grazed through the underlying technology, the impact on the broader economy and cryptocurrency regulation before reinforcing his Bitcoin price target and timeline.
“This is going to be so big so if you see a dip, jump in. Maybe it will dip further but boy, I made that prediction and I’m sticking to it. $250,000 by 2022 for Bitcoin.”
Tim Draper first entered the cryptocurrency ecosystem through Bitcoin mining, but his holdings disappeared in the famous Mt. Gox hack. A second shot arose when U.S. Marshals put 40,000 Bitcoins from Silk Road up for auction, which saw him acquiring the whole amount. The Bitcoin enthusiast has also bought smaller bits of the virtual currency throughout the years.
Draper then explained how governments, which operate as little tribes around the planet, are threatened by the decentralized currency. Internet was the first to open the world and demolish geographic borders. The impact of blockchain, however, will be “bigger than the internet ever was.”
“The industry that this is going to change is finance. It encompasses commerce and banking and insurance and real estate. More broadly, medicine and healthcare are going to change because of smart contracts. Big Data with Deep Learning is going to determine if we have a headache […] Now all of that can be done virtually because I might say I’ll have my pension and I’ll have my Social Security in Chile and I’ll have my medical insurance in Canada and I’ll have my — you name it, whatever government services there are — that are provided independent of location.”
The venture capitalist believes blockchain and cryptocurrencies will eventually force companies and governments all over the world to compete to provide services, such as medical insurance and social security, for any person anywhere around the globe.
While blockchain enthusiasts celebrate the imminent disruption in the financial system, healthcare, supply chain, energy, etc, government authorities are attempting to tackle and control the phenomenon. This can be seen by the fact that the Financial Action Task Force is about to agree with a set of standards to close the “gap” created by cryptocurrencies.
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