The explosion of interest in cryptocurrencies and the sharp decline in the popularity of cash transactions will see Bitcoin trade at around $250,000 by the year 2022. Cryptocurrency influencers led by Tim Draper, Tom Lee and cryptocurrency evangelist John McAfee believe fiat currency is the past and cryptocurrency is the future money.
Bitcoin to the Moon?
Delegates attending the 2018 chapter of the Crypto Finance Conference (CFC) affirmed the prediction held on September 5-7, 2018 at The Ritz-Carlton, Half-Moon Bay, CA. A select group of 180 opinion leaders attended the conference in cryptoshpere and had the tickets sold out on the first day of the event.
Venture capitalist and founder of Draper Associates and Draper University Tim Draper reiterated his belief that Bitcoin will hit the $250,000 mark within the next four years. Draper, a firm believer in cryptocurrencies, is an investor in over 50 crypto companies that include Ledger, Coinbase and Tezos among others.
Calling cryptocurrencies a major disruptive event that will force governments to create favorable regulations to protect investors and market participants without stifling the innovation, Draper reiterated his earlier prediction where he had stated:
“Cryptocurrencies are the next big technological tectonic shift and governments have to weigh their need to protect investors with their need to be included in this potential economic powerhouse that is crypto. I believe cryptocurrencies will overtake fiat currencies and reach $250,000 by 2022, […] “fiat is the past,” with both crypto and Bitcoin being the future.”
The End of Fiat
Giving a keynote address at 2018 CFC Ripple’s Executive Chair Chris Larsen weighed in on the prediction saying that blockchain was “the internet of value” and “the completion of globalization.” Citing Ripple’s XRP as an example, Chris said:
“Blockchain, digital assets, and interoperability technologies which are going to equal this Internet of value and fundamentally make this world a much more efficient place.”
In an earlier interview with The Street, Draper joined the contentious debate on crypto regulations where major opinion leaders and blockchain influencers like John McAfee have called on the Securities and Exchange Commission (SEC) to take positive action regarding the cryptocurrency community that the authorities perceive to be operating outside their regulatory jurisdiction. Draper stated then:
“I estimate that fiat currencies will actually decrease in use, and that crypto will become as much as $100 trillion of that market. I expect Bitcoin to be about 10% of that market, or $10 trillion. There is a lot of room to grow there.”