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Tim Draper explains why Bitcoin [BTC] will reach $250,000 by 2022

Joel Mathew



Tim Draper - Bitcoin to hit $250,000 by 2022
Source: Pixabay

Tim Draper is an entrepreneur who wrote a book where he mentioned Bitcoin; he predicts that by the year 2022 Bitcoin will reach a value of $250,000.

He once made a prediction in 2014, about the price of Bitcoin surging up to $10,000 in 2017. Since then Draper has entered the crypto-fortune-teller controversy. Back then he was not sure about the usability of the cryptocurrency. Gradually as he observed people accepting and exchanging cryptocurrency instead of fiat, it struck him then that Bitcoin will be replacing fiat currency.

He predicted that the worth of fiat currency will soon fall from $80 trillion to $30 trillion and simultaneously cryptocurrency’s worth will rise to $100 trillion. In a recent interview with Forbes, he talks about his calculations, in which, he says that the cryptocurrency market is going to surge and almost 20% of the market share is held by Bitcoin. He believes that $1 trillion will be the market capitalization for Bitcoin in the coming 10 years.

According to his crypto-speculation in the year 2022, the trading price will reach $250,000.

Bitcoin is currently trading at a price of $9,621 with a market capitalization of $163 billion leading the crypto-market. The Coin was the first cryptocurrency ever introduced in the year 2009. This was the first decentralized currency which runs on a peer-to-peer network.

Tim Draper is an American investor who’s famous for buying 30,000 Bitcoin tokens in an auction in 2014. According to sources, the Bitcoin tokens were seized by U.S. Marshalls which was confiscated from the ‘Silk Route’. He had predicted that Bitcoin would reach $10,000 by the year 2017; as a matter of fact, BTC crossed $15,000 by the end of last year.

Draper believes that fiat will be losing its value, as he says:

“So, you’ll go in and try to buy coffee with fiat and the barista will laugh at you …. Because there is so much more friction with fiat currency than there is with cryptocurrency. And I think you’ll be able to buy it with Bitcoin, Ether, or Bitcoin Cash.”

Tim Draper says:

“As a ‘hodler’ myself, I believe it’s important to sacrifice in the short term for a long-term gain. Having a long-term approach to everything goes a long way – from investing to being an entrepreneur to just living your life.”

Juan, a crypto-socialist says:

“The world is quickly changing with the latest emerging techs. It’s breath-taking, right now financial companies have optimised their services using blockchain platform.”

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Joel Mathew is a full-time creative content writer for AMB Crypto. He's an English honors graduate from Christ University. He's skilled in research analyses and produces valuable content in the field of blockchain and cryptocurrency.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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