Billionaire investor and tech pundit Tim Draper has predicted Bitcoin will be valued at USD 250,000 by 2022.
The prediction was made in his usual flamboyant Draper style to an enthusiastic audience in front of the Draper University of Heroes in San Mateo California.
During the short speech, Draper extolled the virtues of blockchain technology in today’s political and social environment, arguing that there is fast becoming a bilateral scenario between the “virtual world” and the “terrestrial” world. Draper maintained that “you can now be governed anywhere in the world” using blockchain technology, citing healthcare insurance, pensions and welfare as some of the elements which will benefit in the “virtual world” scenario.
Draper, a long-term exponent of Bitcoin and its underlying blockchain technology, has been consistent in his views regarding the virtual currency’s potential, maintaining that in five years, fiat currency will be a thing of the past and that there will be no more currencies linked to specific nations:
“In five years you’re going to walk in and try and pay fiat for a Starbucks coffee, and the barista is going to laugh at you because they’re going to say, “What is this? Are you counting out pennies? Give me shells?” “. He stated recently that other cryptocurrencies would fall away, leaving Bitcoin as the standard.
Healthcare as Draper pointed out, is increasingly becoming the focus of governments as blockchain is beginning to prove that it has potential to offer a more secure and accessible storage service than current analogue and electronic systems, many of which remain vulnerable to security breaches. A blockchain makes “the perfect bureaucrat”, according to Draper: “It’s honest, it’s straightforward, it’s incorruptible, it’s fair.”
Draper sees business being conducted far more differently in the future without the need of lawyers and accountants. Paying employees, raising money and budgeting will all be conducted through blockchain technology.
Draper’s predictions have been correct before. In January of 2017, he predicted a USD 10,000 bitcoin price by 2018. This turned out to be a rather conservative prediction after the digital currency surged well past his mark in November 2017.