In 2014, one of the more infamous Bitcoin VC’s, Tim Draper, predicted that the price per Bitcoin will hit $10,000 USD by 2018. We decided to revisit this prediction to see if it looks any more realistic two years in.
Tim Draper Sees a Grand Future for Bitcoin
Throughout the years, various experts have tried to predict the Bitcoin price, and most of them have failed miserably. Unlike other financial assets, Bitcoin is traded on the free market, which is exposed to many different influences. This makes it all but impossible for anyone to correctly predict the price at any given time.
But none of that is keeping VC Tim Draper from giving it another shot. Enthusiasts may recall how in a 2014 interview, Draper stated how he envisions Bitcoin to hit a $10,000 USD per bitcoin by 2018. Most people will agree this is quite a bold statement, although, given its 2013 bull run as it reached $1,200, it’s not entirely outside the realm of possibilities either.
That being said, various experts tried to guess the early 2015 Bitcoin price about two years ago. None of them got even remotely close, as they assumed the popular digital currency would be hitting the $5,000 mark by then. As we’ve seen, the price has not surpassed the $1,000 mark for quite some time now, and it is doubtful if this will change soon.
This is one of the drawbacks of Bitcoin as a currency, as people feel the value can go either way in the coming years. Although many media outlets predicted the death of Bitcoin many times, things seem to have stabilized a bit in the past 18 months. The lack of volatility is keeping investors on edge, though, as price swings could occur at any time.
It would take a lot for Bitcoin to reach the target as envisioned by Tim Draper. A price of $10,000 per BTC would put the entire market cap at close to 180 billion, which is a significant increase compared to the current $6.63 billion. That being said, a lot can change between now and 2018, and something positive may come around the corner very soon.
Some people might argue such a statement is only logical from a Bitcoin investor, as Tim Draper holds a significant amount of bitcoin sold off during the Silk Road trial. Then again, there’s plenty of bitcoin to go around and many other holders around the world probably wouldn’t mind hitting this price by 2018.
Do you agree or disagree with Tim Draper? What’s your Bitcoin price prediction for 2018? Let us know in the comments below!
Images courtesy of Tim Draper, hauteliving.com