As you know, Tim Draper is an investment mogul and also one of Bitcoin’s biggest fans who is seeing a bullish future for the coin.
He is still positive about BTC and says he is confident that a long-term upward trend will come rather sooner than later.
BTC to hit $250k by 2022
During the Crypto Invest Summit in LA, the billionaire investor said that he still stands by his Bitcoin price target of $250,000 for 2022.
Draper has been really excited by Bitcoin for quite a while now, and he said that he sticks to his previous predictions.
The main reason is the fact that Bitcoin lacks most of the fiat currencies’ features which are also controlled by governments.
“So right now, there’s $86 trillion of political currency. They call it ‘fiat’ currency, but it’s political. And I believe that that currency will slowly be eaten up by a better currency which is global, decentralized, and frictionless. It’s just a better currency. Bitcoin’s a better currency. And I think Bitcoin will be one of five cryptocurrencies,” he said.
He was also asked about the regulatory approach in the US that’s pursued by the SEC, and he said that he definitely understands how important the SEC’s decision will be for the crypto industry.
“I think the SEC is torn and I think it’s it’s okay because they’re torn between like going after the fraudsters who are taking advantage of the elderly, and making sure that all that technology does stay in the US. They know that it’s a competitive world out there,” Draper added.
He also highlighted the fact that he believes that the best way for the SEC to handle the whole situation would be with help for new investors to take a more straightforward approach when they enter the crypto market.
Changing the way in which governments do business
Draper mainly believes that cryptos and the entire blockchain tech will do much more than devouring the value of traditional currencies.
He is confident that they would also offer a massive opportunity to significantly change the way in which governments across the globe are doing business these days.
Check out the complete interview to find out more details on Draper’s opinions in the video above.