Tim Draper: Bitcoin will absorb a Fiat currency and will cost $250 000

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Venture investor reaffirmed its forecast and added that the first cryptocurrency has much more functionality than traditional assets

Bitcoin will remain one of the top five cryptocurrencies in the world, and by 2022, its price will rise to $250 thousand, says venture capitalist Tim Draper. During crypto-investment summit in Los Angeles, the billionaire shared his opinion about the future of the industry of blockchain, says Coindoo.

“Now $86 trillion are in the political currency. They call it “Fiat”, but it is political. I believe that this currency will be slowly absorbed by the more global and decentralized cryptocurrency. Bitcoin is the best currency. I think he will be one of five cryptocurrencies,” said Draper.

In his opinion, the decision of the American Commission on securities and exchange Commission (SEC) is very important for the industry. The billionaire is sure that the Agency will never follow the example of the Chinese authorities and does not prohibit the cryptocurrency, and the law should be “single page document” that specifically describes the process of establishment and registration of ICO.

For the first time Tim Draper predicted the rise of bitcoin to $250 thousand in mid-April, when cryptocurrency was trading at $8 thousand. Billionaire recommends you to buy cryptocurrency, while its cost is quite low.

More news on cryptocurrency can be found in our telegram channel RBC-Crypto.

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