Despite the struggles of 2018, leading cryptocurrency experts predict that Bitcoin price will hit stratospheric levels in a few years’ time. The top-ranked cryptocurrency, like the rest of the market, has experienced a massive price reduction since the start of the year.
Positive Sentiments at the 2018 Crypto Finance Conference
Speaking during the conference, the famous billionaire tech investor, Tim Draper, stood by his $250,000 Bitcoin price prediction. According to him, the price of the number one cryptocurrency will reach a quarter of a million dollars by 2022.
Draper earlier gave the same prediction in a couple of tweets posted in April 2018. At the time, BTC’s price was $8,000, having experienced a temporary 17 percent surge. Other experts at the conference experienced confidence in the longevity of blockchain technology. Chris Larsen, a Ripple executive, dubbed the emerging technology as “the Internet of Value.”
Oops! I predicted $250k in 2022. My tweet last night was missing a zero. $250k is the number!
— Tim Draper (@TimDraper) April 13, 2018
Tim Draper Makes $80 Trillion Cryptocurrency Market Prediction
In another development, Tim Draper also recently predicted that the total cryptocurrency market capitalization would reach $80 trillion in the future. Speaking during the 2018 DealStreetAsia PE-VC Summit held in Singapore, the tech VC said the cryptocurrency market would reach such a valuation within the next 15 years.
He also, like other stakeholders, likened the nascent industry to that of the early Internet movement. According to Draper, the current price struggles was due to lack of mainstream utility, saying:
The internet started in the same way, it came in big waves, and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here (with bitcoin). The current slowdown related to cryptocurrency was because people were not yet accustomed to it, despite clearly seeing its potential. Once people become more familiar with it, the technology is bound to transform many huge industries around the world.
Draper, himself, has invested in many cryptocurrency companies and ICOs like Coinbase and Tezos.
Recent Bitcoin Price Performance
The top-ranked cryptocurrency has declined significantly since the start of September after a mini-rally towards the end of August. At the time of writing this article, BTC is currently down by more than three percent, sliding below $6,300.
Bitcoin is down by more than 60 percent since the start of the year and has plunged by almost 70 percent from its December all-time high (ATH).
Do you agree with Draper’s four-year BTC price prediction? Let us know your thoughts in the comment section below.
Image courtesy of Coinmarketcap.com, Twitter/@TimDraper, and Wikimedia Commons/@JD Lasica.