Venture capitalist Tim Draper sees his bold prediction of Bitcoin reaching $250,000 by 2022 misfired, a statement that was highly scrutinised six years ago. Draper, although regretful, certainly brings an unyielding vision and a window into a promising future that supports the blockchain technology and crypto market’s overwhelming potential.
He confidently added more years to his prediction, too, suggesting Bitcoin still has a chance of hitting the quarter-million mark by the end of June next year. However, he sees the road towards that goal as being muddied by one key player – the U.S. government.
Draper, who previously struck gold predicting Bitcoin’s rise to $10,000 within three years, criticizes the U.S. government for their approach to regulating blockchain growth. He argues that this heavy-handed approach has hindered the progress and adoption of technology, contrasting it to the internet epoch when former president Bill Clinton allowed the internet to grow unfettered, greatly benefiting the world at large.
However, this wouldn’t be the first nor the last instance for institutions to substantially impact the fate of cryptocurrencies. The stock market analogy shows that resistance and eventual adoption cyclically occurs within major technologies.
Draper found early success investing in pioneering ventures such as Tesla, SpaceX, and Coinbase, and continues to dedicate his life to business and investing. Prolific in his active approach, he cleverly strategizes, foreseeing impactful outcomes from thriving projects. His positive reputation has earned him a substantial following on Twitter, not through fast-tracked popularity, but a slow and steady accumulation.
Yet, the roadblock of the U.S. government’s stance casts a shadow over the acceleration of the crypto market. As Draper predicts, a Bitcoin ETF may not be in the cards anytime soon until, possibly, if and when Republican candidate Nikki Haley becomes president. He warns that the government may be overlooking something crucial for societal advancement and holds hope they may assume a supportive role in the future.
Despite the setbacks and the extension on his prediction, Draper’s passion for blockchain technology and cryptocurrency remains unscathed. He’s not completely ruled out the possibility of his $250,000 Bitcoin future, rather vowing to discontinue his forecasting if it does not come to fruition. Thus stands a vivid example of the line between vision and reality in this rapidly evolving digital asset landscape.
Source: Cointelegraph
