As of today, September 14, 2018, the market cap for crypto is $203,152,297,071—two-hundred and three billion U.S. dollars. Tim Draper is probably the most bullish of all the billionaires. I mean, he only has one, but a billion is still a thousand million dollars. Draper predicts the $203 million market capitalization of cryptocurrencies will balloon to $80 trillion—80,000,000,000,000—by 2033, 15-years from now. Based on the new math, that’s four hundred times what it is now.
That sound mighty good. That Draper guy is bullish as hell, right? Well, one must pass through Kathmandu Valley in order to get to the Himalayas and Mount Everest; so, too, Draper warns, must the prices of bitcoin and other cryptocurrencies drop before they rise to the dizzying heights Draper predicts.
“The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here,” said Draper.
Draper is a bull. He predicts a $250k Bitcoin by 2022 and rightfully called Bitcoin breaking $10k by the end of 2017. That said, he does have skin in the game. He bought 30k Bitcoins at auction for $18 million back in 2014—now worth $195,731,400, a $178 million profit in 4-years.
The Internet has been called the most disruptive technology in history. Tim Draper thinks it was—until Satoshi Nakamoto invented Bitcoin back in 2009. Now the most disruptive technology in history is the Blockchain. Draper said:
“The internet went after industries that were $10-100 billion dollar markets, cryptocurrency will go after trillion dollar markets – these are finance, healthcare and insurance, banking and investment banking, and governments.”
Whether Satoshi Nakamoto is a God and Bitcoin is our Messiah or a Doctor Frankenstein and Bitcoin is Frankenstein’s Monster, in the short term there will be villagers with torches and pitchforks. In the long term, according to Draper, the world will be forever changed. And a few people at the top will become very, very rich.Leave a comment