Tim Draper: in five years, Bitcoin will cost $ 250,000

At the Web Summit conference held in Lisbon, venture investor Tim Draper once again confirmed his opinion that by 2022, Bitcoin will cost $ 250,000.

Initially, such a statement regarding the first cryptocurrency Draper made back in April of this year. He noted that it is not important what the public believes in - Bitcoin will add value.

"Yes. We are talking [...] about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say 'I've got this choice.' [...] Do I want a currency that I can take from country to country [...] or do I want one that sticks me in one country or one geographic area and I can't use it anywhere else?" said Draper.

In addition, the investor questioned the existence of traditional monetary institutions.

"Why do we even trust currencies that are determined by some weird political party or another?" Asked Draper, emphasizing the dependence of fiat currencies on political and banking decisions.

He also noted the possibility of issuing fiat funds at the whim of the government. Draper is confident that cryptocurrencies are completely apolitical and can regain control over funds to citizens.

Earlier, at the May conference of GovTech Pioneers, Draper spoke about his vision of the future, in which the blockchain and smart contracts will be used in conjunction with artificial intelligence for the work of state institutions.

"If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy," he said.