Bitcoin to hit $250,000 by 2022? It might not be as crazy as it sounds...

in bitcoin •  3 months ago

That is the latest price prediction from Tim Draper.

If you are not familiar, Tim Draper is a billionaire tech investor who has been bullish on bitcoin since early 2014 at the very least.

He made headlines back in 2014 when he purchased roughly 30,000 bitcoins from an auction done by the US Marshals service relating the Silk Road shut down.

The price he paid for those 30,000 bitcoins wasn't made public, but they were estimated to be worth about $19 million at the time of the auction.

Why the $250,000 number?

It wasn't entirely clear why he picked that number, but speaking at a Blockchain event in California on April 12th he told investors to believe it.

Looking into his crystal ball, he proclaimed:

"I’m thinking $250,000 a Bitcoin by 2022."

"Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!”

(Source: https://cointelegraph.com/news/im-thinking-250000-by-2022-tim-draper-reveals-new-bitcoin-price-target)

Those may sound like crazy predictions, but keep in mind that Draper made a prediction like this before, and guess what, it came true!

Back in 2014 when he purchased those 30,000 bitcoins related to the Silk Road auction, he proclaimed that bitcoin would hit $10,000 per coin over the course of the next 3 years.

At the time, bitcoin was worth about $400 per coin.

Fast forward 3 years later to 2017, and bitcoin not only hit $10,000 like he predicted, but it got pretty close to $20k per coin before the end of 2017.

So, before you throw out this wild sounding prediction, keep in mind that the last time he made a prediction like this for an extreme price rise, he nailed it.

(Source: https://www.ccn.com/billionaire-tim-draper-sets-250000-bitcoin-price-target-for-2022/)

More than just Draper making bullish predictions?

Tom Lee of Fundstrat Global Advisors has been calling for $25k by the end of 2018 for some time now.

He makes those claims based on previous trends and patterns seen in the price action of bitcoin.

Crypto Hedge Fund, Pantera Capital also says that there is a very high probability that bitcoin breaks $20k at some point before the end of this year.

Then there is Brian Kelly, CEO of BKCM, who went on CNBC's fast money last night and basically agreed with Tim Draper's $250,000 bitcoin by 2022 prediction.

Saying that although it sounds crazy, there might be something there...

"When one considers that BTC already had a 4,000 percent return over two years, a 3,000 percent return over four years could be merely a continuation of the trend we’ve already seen.”

(Source: https://cointelegraph.com/news/cnbcs-brian-kelly-supports-tim-drapers-btc-prediction-of-250000-by-2022)

While $250,000 might sound crazy on first glance, the prediction is coming from a guy that nailed his last major bullish call for bitcoin and if previous trends repeat themselves, there is support for a massive increase in prices over the coming years.

Stay informed my friends.

Image Source:

https://www.indicrypto.com/news/experts-expect-bitcoin-price-to-hit-250000-by-2022-heres-why/

Follow me: @jrcornel

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Awesome... For we lazy bones to catch up 👍
#bitcoin

I agree 100% #hodl #bitcoin

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I do agree also.

That's more than a 30x

Which would translate into more than a 7000x for STEEM!

All other things being equal. 😉

I think bitcoin will hit 250k even before 2022 considering the rising popularity of bitcoin will deplete value out of fiat and non-inflationary nature of bitcoin more people will trust bitcoin and will use it for storing and money exchange. The only issue currently is scaling and high fee which should get resolved with time.

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You are missing the point crypto is an intermediate system its not the end all be all its just there to co exist with fiat. till the entire population agrees to a new sort of system. crypto is not about destroying the old system its about adding value to it., so there will be no depletion of value for fiat. around 2025 is when you will see a crypto boom though where it will explore and grow very fast. but in the end its just a system that is meant to bring greater freedom and will last lets say 20-30 years before a new better one comes about.

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250k is too high!

Everyday btc this or that.
Are you saving for this or that ?
Cause when it is here you need to scream or cry.
Keep on steemin'

Sounds about right to me! Please take STEEM along for the ride too 👍💰💰💰👍

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Yes please.

$250,000 is very conservative prediction. It would go much higher. Number 1 reason is because government is failing so their fiat money is losing value.

My father invested on 401k began from 18 yeard old. Now he is 60, the same amount of money he can withdraw now. But what is the value of all the money he invested? The time he invested a 300 dollar is worth real 300 dollar but if your withdrawing it today your 300 dollar is now worth 200 today or even worst... The inflation is a killer. Great blog @jrcornel

In principle Bitcoin's engine can support any price. The one big issue is electricity consumption. Mining is driven by profit which is mining income less electricity cost (and some overhead). If the price of Bitcoin increases there is more income and hence there will be more miners. Sadly it does not even matter if miners get more efficient as we will just have more of them, driving the difficulty and hashrate up. Today mining has the footprint of Costa Rica (+/- depending on which estimate you take). If the price rises to 250k$ Bitcoin's footprint will be between that of the Philippines and that of Australia (depending on the estimate you take). One halving taken into account here. Is it politically feasible to allocate that much electricity to Bitcoin Mining? Is the level of security justified to protect the market cap (or is it too high driven only by profit seeking miners)? Finally, Bitcoin could change the consensus algorithm but would it still be Bitcoin then?

That's another bounty of rising

This could imply a massive devaluation in USD...

Sounds good to me. $250,000 BTC will fit in nicely with my retirement plans. $50-100 STEEM will be nice as well! Thanks for the post!

to the moon!

to the moon and beyond

John McAfee may not be happy with Tim Draper's Bitcoin predictions...

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Haha yes, that is very true. He will be without a certain body part...

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I think that's a safe assumption (cocksumption?)

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I would prefer bitcoin to reach $1 million rather than watching John McAfee doing that weird act...

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You and I both, friend :)

I always thought $200,000+ would be here by year end 2020. Then 1 million by 2025. The sky is the limit once the average investor begins to allocate a fraction of their wealth to crypto. First will be mutual fund, etf, pension funds, etc.

In any case it is time to accelerate crypto holdings and prepare for the future of finance 😀.

Steem On!

Everyone getting real bullish again. We all secretly mcafee doesnt have to eath anything espically the HODLers. Atleast shitcoins and scams are slowly getting shaken out.

Last year saw a 20x increase. A 20x increase from current levels will take us half way to 250k per btc !! Not as mad as it sounds.

Thanks for sharing, upvoted and resteemed

in Crypto world every price is possible. if someone tells me in 2022 there would be not bitcoin, I don't argue same if he says it will be half million $

the point is:

  • the whole market isn't mature,
  • Bitcoin failed to be a coin and it is now more acts like a commodity (which suits me fine!)
  • Technical analysis and Chart analysis works on BTC

So, before going to THAT BIG PICTURE to predict 2022, I'd prefer to see next move. I closed my BTC positions right tonight and I will wait for a correction to buy back. HODLing with no logic will make no sense.

look at this:
Untitled.png

the BB and the RSI14 and the trend lines confirm there would be a correction on the way.

BUT, there is something very true:
Cryptos are altering fiat moneys and governors fail to avoid that. People are fed up with lobbyist regulations and this blockchain technology has provided them the ability to skip some worthless ones.

I'm a fan of any decentralized project starts. and I hope to be able to see a whole new world soon. fingers crossed

Tim Draper just likes making these outrageous predictions to get into the news.

IMO Bitcoin won't hit those heights unless there is a worse recesssion than we had in 2008 and the whole world system falls apart.

I also agree with you.

Just beacuse Tim was right on previous occasion do not discount the future wrong. But then again its Tim Draper , without substance this man never bets.

I think the bitcoin reward halving for miners will play a part in this as well, and its expected to happen sometime in May 2020

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That is a great point. That is a big rational for McAfee's price predictions as well.

Might not be a super popular opinion, but Tim Draper was an advisor behind Tron back when it was under the radar in September... A small $50 investment turned out to be worthwhile.

I now try and invest small amounts on the what Tim Draper's predictions, as it is my assumption that he(/his team) will do a at least some due diligence on these projects.

250,000 for one Bitcoin just means that the Bitcoin's market cap is HALF that of the gold market cap. It means that Bitcoin is worth 30 times more than today - or about 4 trillion market cap. That is NOTHING for a revolutionary technological advancement. But it's a lot for a failed crypto currency. We will see how Bitcoin keeps up. I'm sure there will be cryptos worth 2 or even 4 trillion in terms of market cap..will it be Bitcoin? I would not bet my dick on it.

I'm hodling my small amount of BTC and using ETH for cashing out... It doesn't make much sense to try to move around BTC due to high network fees and unreliability of the network. I already see some altcoins that are worth a lot less than 1 satoshi and still not considered ****coins... Makes me shiver to think 100000 of some coin is worth only little over 2 satoshis... It also makes me happy when I see total worth of my coins is currently more than 10 EUR due to prices been lower than ever, as I started with just 0.40 EUR worth of coins few months ago...

$250,000 will put Bitcoin at about half of gold market cap., it definitely seems possible.

BTC can reach that figure. However, I would not like to metion a particular period

This is not sound crazy to me , i'm not sure it's it's will happen at 2022 but i sure it's will

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What makes you so confident?

Tim Draper also thought it was a good idea to split the state of California into 6 pieces.

Your post is very good!

Bitcoin cloud mining HashFlare

funny how i laugh at every bitcoin post but NOT THIS ONE..i stopped tradding the crypto currency market at some point. because of two many analysis forecast and the likes. but the truth remains. some one predicted the market @december 2016 that it will project to $13,000 by december 2017 and indeed it got to $19, 000 plus...and so i watched the market went up and remained up for almost all months and i was so scared of ridding along because of my fear for over bought regions...and now @jrcornel ''tim draper's forecast' saying $25, 000 before the end of this year.. right now i will take my positions for a buy..i will rather take a position and stay in the market irrespective of the move..than sit back and watch this end of the year prediction being met. i must confess i used to think that i understand the crypto currencies market not until i see posts like this..thank you zero hedge..this came in handy..thanks for the heads up

But if the war starts in syria and basically in all of the world (WW3)

Then i think the crypto currency prices will die down

Another great post, thanks.

thank you for the very good information of successful hold friends

I would probably be the happiest person in the world if that happens hehe

lets hope so bitcoins future is bright

I agree with that growth on Bitcoin price and I'll add one argument to support it: Many economic indicators are warning about an economic recesion. If that happens, stock markets will drop, as well as trust on governments. Wise money will search for other markets and Bitcoin might be one of the winners (such as Gold in other previous crisis). Great article @jrcornel.

I've always been a BTC advocate =) Keep holding on!

I personally think that this is possible and I would like it to happen, but my concerns are as to the acceptance of governments as we know they are constantly doing uphill and why are they losing control over us

Hola @jrcornel
Vamonos a 100 K para finales del 2018
Saludos

I think steemit is good option then bitcoin for new user....

I personally think that crypto-currencies will soon die :/

Bitcoi fall down

What makes you so confident with your prediction?

Now is the time to stock bitcoin. Who will buy it win!

interesting thanks for the information

Actually that prediction isn't outrageous. We know bitcoin can go up $1,000 in just an hour once FOMO kicks in. And with big investors like soros coming in, it's just a matter of time before other big investors jump in.

Bitcoin has also shown the skepticals that it's here to stay with the numerous FUD news that have come out in 2018 and it's still strong.

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I remember thinking it was going to die in 2010... and then again in 2012. Here we are in 2018 and it's only getting bigger.

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It's stood the test of time. I can confidently say that.

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Bitcoin has very strong community behind it... We can see it when people try to fork it and fail to replace it even though they fixed major flaws the legacy Bitcoin had.

I think it is very reasonable despite slow confirmation time and high fees, if we compare bitcoin to gold, bitcoin has even better properties and its 40 times or so cheaper, so 250K is very realist price target.

Steem will be right behind!

Great post friend great work and contribution for all if you can support me with a vote in my blog greeting

So mutch true in this article, but is pretty hard to predict BITCOIN so this could be not true. #HoldBitcoin

Definitely that will happen. Also check out this video https://thenewresearchgroup.com/market-updates-rumors/must-see-cnbc-interview-with-venrock

Big players are in the market, bitcoin and cryptos will be their new toy. We can all hate it, but it will trigger new highs for sure.

friends this telegram pump group is very successful. I would recommend https://t.me/rocketpumptrader

BTC is bound for new heights as well as all the major cryptos the question is when and how much of course. I feel it wont take 4 years because of the growing popularity it will be here in 2 years or less. For those of us holding ALT coins lets hope the good fortune spreads across the whole market!!!

I just have one thing to say about STEEM, Bitcoin, and crypto. KEEP. GOING. UP!


source

If no problems in the failing financial system happens, then bitcoin's price might rise that slowly.

I hold that chance to be about 0.0001%

I am more able to believe in 100k by the end of this year
and 1,000,000 by the end of next.

And that is if only one or two of the expected financial calamities happen.

Great article , keep the good work