Venture capitalist and Bitcoin bull Tim Draper has predicted that by 2028 the cryptocurrency market will be capped at USD 100 trillion, despite the recent downturns in the market.
Draper has become notorious in the industry for his seemingly outlandish predictions, and this one does not largely differ from this trend. The current market cap stands at just above two hundred eighty billion, meaning that an arguably unprecedented amount of growth would be required to meet his forecast.
His comments came during an interview with the financial news publication The Street, where he also predicted the Bitcoin market alone would account for USD 10 trillion of the aggregate market worth in the same period.
The primary reasoning behind Draper’s comments comes from his belief that the use of fiat currencies is on the decline in lieu of crypto alternatives. He used Litecoin, Bitcoin Cash, and Bitcoin Gold to illustrate his point that cryptocurrencies can surprise investors with exponential growth.
Draper sees that a turning point will arrive in around four years time when he believes people will be able to pay for everyday items with cryptocurrencies. This change he foresees instigated his belief that central banks are on the way to becoming obsolete.
He even suggested that he should tell Federal Reserve employees ”to start looking for a new job.”
For Draper, cryptocurrencies themselves represent a valuable investment. When asked if he would sell his assets should Bitcoin reach USD 250,000 he answered ”Moving from crypto to fiat is like trading shells for gold…It is reverting to the past. I’m thinking long term I’ll use it, spend it, invest it, or just keep it”.
While Draper’s prediction may seem massively ambitious, the cryptocurrency market has exploded in recent years. The value of Bitcoin was just USD 0.008 when it was first developed, increasing 900% in its first five days. Just 8 years later, the value of Bitcoin stands at approximately USD 6,500.
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