The cryptocurrency market has been down since the start of the year but that has not deterred industry experts and analysts from making bold short- and long-term predictions about the price of the leading cryptocurrency.
Most recently, crypto bull Tim Draper has now revealed his latest prediction about the cryptocurrency market and the Bitcoin enthusiast seems to be very bullish about the chances of the general market.
During a recent talk, Draper predicted that the cryptocurrency market would grow from the current $200 billion to a whopping $80 trillion over the next decade and a half.
Crypto market predicted to grow by 400x
The current global market cap of all cryptocurrencies stands just above $200 billion but Tim Draper is confident that the market will rise by thousands of percentages to reach $80 trillion over the next fifteen years.
He is, however, not very bullish about the prices of Bitcoin and altcoins short-term as he believes that the prices of bitcoin and other cryptocurrencies will first have to drop before rising.
The tech investor made this known during a speech at the DEALSTREETASIA Summit in Singapore last week.
He noted that the internet started on the same path, referring to the crash of the Dot Com Bubble in the early 2000’s followed by the emergence of web 2.0 giants.
Much how the next wave of tech companies was much bigger having learned from the mistakes of those that fell before them, he expects the cryptocurrency market to see a similar second wave.
I think it’s going to have such a transformative effect on industries that we never even imagined would be transformable. 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.
Ignorance still a problem for Bitcoin
Draper also talked about the current bear market and why the prices of cryptocurrencies continue to be down. He attributes the drop in price to ignorance.
Draper believes that as people get accustomed to cryptos, multiple billion dollar industries across the globe would benefit and eventually enter the space.
Understanding cryptocurrencies and blockchain technology would lead to the transformation of industries across the globe.
Draper has been a proponent of Bitcoin for a while now as he believes that cryptos and their underlying technologies have more revolutionary potential than the internet.
Earlier this year, he pointed out that the impact of cryptocurrencies and blockchain technology would be much bigger than the industrial revolution, the Renaissance and the Iron Age.
In March, Draper stating that fiat currencies will be out of use in a decade and the world will be fully reliant on cryptocurrencies for financial transactions.
Five months ago, he gave his medium-term prediction on Bitcoin which he believes would reach $250,000 by 2022.
While doubts remain, Draper has had a good track record of reading the market. His 2015 prediction that Bitcoin would reach $10,000 by the end of 2017 was, if anything, an underestimate. The price of the leading cryptocurrency went on to surge almost double that to just under $20,000.