The legendary technology investor Tim Draper has made a very wild prediction on Bitcoin. He has predicted that the cryptocurrency will reach $250,000 by 2022. The cryptocurrency is known for earning a large profit for investors, and Tim Draper’s comments show that the currency still has potential to grow in value. Initially, he mistakenly tweeted that the currency would go to $25,000 by 2022 but corrected himself in a follow-up tweet.
Week Shows Huge Gain in Bitcoin
Tim Draper’s comments come after a week of 18% increase in price for the cryptocurrency which reached $8,100. These comments were made at the Draper Block(chain) Party in California. His prediction is that the 4000% return on Bitcoin will continue until 2022.
Bitcoin Rise Due To Buybacks and Covered Shorts
The recent rise in price of Bitcoin is due to buybacks and investors covering their shorts. By the middle of the year, the expectation is the Bitcoin cryptocurrency will reach $20,000 and $25,000 by the end of the year. Investor Tim Draper famously bought 30,000 Bitcoins at a US Marshals Auction in 2014, which he still holds.
Founder of Draper Fisher Jurvetson Venture Capital Firm
He began his career at an investment bank called Alex, Brown & Sons. He eventually left this bank to start a venture capital fund with a classmate, creating Draper Fisher Jurvetson. While a venture capitalist, he is credited with successful investments in Hotmail and Skype. Many credit Draper with inventing viral marketing because he attached a brief advertising message with each outgoing Hotmail email. Tim Draper is the founder of Draper Fisher Jurvetson, a venture capital firm.
Founder of Draper University
He is also the founder of a school to teach entrepreneurship in Silicon Valley, Draper University. Draper University offers an incubator space and certificate programs in entrepreneurship. The University aims to be a crash course for entrepreneurs.