Venture capitalist Tim Draper is confident that the price of Bitcoin will reach $250,000 by 2022 (it has a current price of about $6,900).
He also believes the crypto market capitalisation will increase to $80 trillion within the next 15 years (it is currently at about $211 billion). Draper acknowledges Bitcoin “uses a lot of energy”, but the security that supports BTC has never been breached … “knock on wood. We don’t think it ever will be.”
And he is “more confident in my Bitcoin than I am in US dollars in Wells Fargo”.
Draper’s crypto purchases
In an interview with The Street, Draper spoke of his initial interest in crypto and his investments in the space over the years. He began investing right before the Mt. Gox issue. The crypto exchange was forced into bankruptcy in 2014 because hackers stole 700,000 BTC from its platform.
He then touched on his Bitcoin investments. Draper says he purchased 40,000 BTC for $6.18 at an auction in which a total of 144,336 Bitcoins was seized from Silk Road wallets. The dark web portal was shut down in October 2013 for allowing users to buy and sell drugs, as well as other illegal goods.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.