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Bitcoin to a Quarter of a Million Dollars by 2022? This Trader Thinks So

Cryptocurrency NewsApr 14, 2018 03:31PM ET
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Bitcoin to a Quarter of a Million Dollars by 2022? This Trader Thinks So

In a jaw dropping, ambitious prediction about how much room Bitcoin has to run, a Bitcoin bull says it’ll hit a mind boggling $250,000 by 2022.

This lofty prediction came from Tim Draper, who tweeted Friday that Bitcoin’s price would reach the staggering dollar amount.

Let’s discuss.

Draper tweets

In what could be seen as almost comical, Draper had to send out a correction tweet about his prediction.

At first he tweeted that it would reach $25,000. Then, in a follow-up tweet, he wrote he’d left out a zero, and that he had meant to say $250,000.

Rationalizing $250,000

Draper has the reputation of being one of Bitcoin’s most enthusiastic supporters. Draper reportedly bought nearly 30,000 bitcoins in a 2014 U.S. Marshals Service auction.

So when he tweeted Friday about his Bitcoin prediction, few were surprised. It was the $250,000 figure that caught many off guard.

While $250,000 sounds crazy, for lack of a better word, there are some in the cryptocurrency community who see it as making sense.

For example, the topic came up on CNBC’s Fast Money Friday. On the show, another Bitcoin enthusiast, Brian Kelly, spoke about the prediction. Kelly is the CEO of investment firm BKCM.

Here’s what he had to say:

It sounds crazy. But think about it this way: that's four years from now. That's a 3,000% return from here. But the last two years bitcoin has had a 4,000% return. It would be a continuation of that trend.

Draper loves Bitcoin

It’s no secret that Draper is one of Bitcoin’s biggest fans. That’s why his lofty price prediction raises some eyebrows.

The prediction came on the heels of others in which the consensus seems to be $25,000. The dates the crypto will hit targets varies, but none of the prices have been as high as Draper’s.

For example, Tom Lee of Fundstrat Global Research has also been bullish on Bitcoin. We told you about him maintaining his price prediction of Bitcoin hitting $25,000 by the end of the year.

Pantera Capital Management on Thursday sent a note to its clients last week noting that the price could reach $20,000.

No matter the price, the thought of most observers is that Bitcoin will continue to move higher.


This article appeared first on Cryptovest
Bitcoin to a Quarter of a Million Dollars by 2022? This Trader Thinks So
 

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Nelson Mwombeki
Nelson Mwombeki Apr 15, 2018 10:35AM ET
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Still...250k is small margin as we evolve..bitcoin will be the major exchange, the emergency of smart devices, nfc chips, and electronic txs, we gonna transform physical txs to digital..with laws in place, but i'm optimistic that am waiting to utilize bit-transaction in the near future..a bitcoin supreme to a million dollar
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Apr 15, 2018 12:21AM ET
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now it's even more certain that it goes to 0 that one too. a law is a law 6200 is coming, then 3900, then...
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