Tech billionaire Tim Draper, an avowed bitcoin bull, predicts that the cryptocurrency industry’s market capitalization will soar to $80 trillion by 2023. Despite a dismal summer that saw crypto prices plunge below expectations, Draper says the market will continue to boom into the foreseeable future.
Draper made the bold prediction during a video call at the DealStreetAsia summit in Singapore.
The California-based venture capitalist said cryptocurrency evangelists should not be demoralized by bitcoin’s recent price plunges, saying these types of decelerations are normal when it comes to new technologies.
‘The Internet Started The Same Way’
“The Internet started in the same way,” Draper said. “It came in big waves and then it kind of came crashing down. And then the next wave comes concentrated but much bigger. I suspect the same thing will go on here [with bitcoin].”
Tim Draper joins a growing chorus of tech billionaires (including Twitter CEO Jack Dorsey) who are confident that cryptocurrencies and blockchain, the technology underpinning bitcoin, will transform numerous industries and revolutionize the way people do business.
“I think it’s going to have such a transformative effect on industries that we never even imagined would be transformable,” Draper predicted. “The Internet went after industries that were $10-to-$100-billion-dollar markets. Cryptocurrency will go after trillion-dollar markets: These are finance, healthcare and insurance, banking and investment banking, and governments.”
Billionaire Tim Draper Says Bitcoin Is ‘Bigger Than The Internet,’ Sets $250,000 Price Target For 2022 https://t.co/aCBojCOJo4— EmarketerCap (@EmarketerCap) April 28, 2018
As the Inquisitr previously reported, Draper — an early investor in Skype, Tesla, and Hotmail — says bitcoin will be bigger than all three of those companies combined.
“This is bigger than the Internet. It’s bigger than the Iron Age, the Renaissance,” Draper gushed. “It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Draper has a pretty good track record with bitcoin predictions. In 2014 — when few people had heard of cryptocurrencies — Draper decided to purchase 40,000 bitcoins for $600 apiece.
At today’s bitcoin price of $6,472, Draper’s stash is now worth a staggering $258 million. That’s a pretty impressive return for a passive four-year investment.
Draper Set $250,000 Bitcoin Price Target For 2022
Draper has an undergraduate degree in electrical engineering from Stanford University and an MBA from Harvard. He comes from a long family line of venture capitalists and knows his way around finance and technology.
In April 2018, Draper made headlines when he set a $250,000 bitcoin price target for 2022, as the Inquisitr has reported.
Harvard, MIT, Dartmouth, and Stanford have invested in cryptocurrencies, joining the 'institutional herd' triggered by Yale. The combined endowments of the 6 universities now invested in crypto tops a whopping $108 billion. #btc #crypto https://t.co/s7xs4lLWrV— Samantha Chang ???? (@samantha_chang) October 11, 2018
“I’m thinking $250,000 a bitcoin by 2022,” Tim Draper declared. “They’re going to think you’re crazy, but believe it. It’s happening and it’s going to be awesome!”