While the cryptocurrency market continues its bear run, Tim Draper, Billionaire Bitcoin enthusiast seems confident that his famous prediction of $250,000 price target would be achieved by 2022. He adds that the coming crypto age will be ‘Bigger Than the Internet Ever Was.’
In an interview with TheStreet at the Crypto-Finance-Conference in California, Draper said
“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 took to cryptocurrency via Bitcoin mining, but he soon lost his holdings in the famous Mt. Gox hack. His second inning came when U.S. Marshals put 40,000 Bitcoins from Silk Road up for auction and Draper acquired the whole amount. Throughout the years he has been buying smaller bits like a true bitcoin enthusiast.
Draper argued that governments are threatened by the decentralized currency. While the internet was the first technology to open up the world to globalization, the impact of blockchain will be “bigger than the internet ever was.” he stated:
“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.”
According to the venture capitalist, companies and government all over the world will be eventually pushed to compete as a service provider such as medical insurance for any person anywhere around the globe.
While blockchain technology is achieving small but considerate feats in the field of the financial system, healthcare, supply chain, energy, etc, the regulators across the world are trying to adopt blockchain while averting cryptocurrency adoption.