[2014-09-12] Tim Draper: Bitcoin’s Price Still Headed to $10k

[LiteCoinGuy]

Tim Draper: Bitcoin’s Price Still Headed to $10k

Draper told CoinDesk:

   “I guess the markets aren’t seeing what I am seeing. An entire economy is being rebuilt. I have a price target of $10,000 in three years. Even that may be pessimistic.”[/i]

http://www.coindesk.com/tim-draper-bitcoins-price-still-headed-10k/


3-5 years i would say  

[CoinMode]

In 3-5 years, $10k/BTC will be the medium level price of low volatility, similar to the low we are at right now. I could easily see a spike to $10k and a crash back down to $4k before then.

[LiteCoinGuy]

In 3-5 years, $10k/BTC will be the medium level price of low volatility, similar to the low we are at right now. I could easily see a spike to $10k and a crash back down to $4k before then.

yeah of course, we will see alot of booms and busts on the way to 10k.

[Buffer Overflow]

In 3 years 12.5 BTC will be produced every 10 minutes. At 10K each, that's $18,000,000 that the market needs to absorb everyday to maintain that price. I really can't see that personally.

[Chef Ramsay]

In 3 years 12.5 BTC will be produced every 10 minutes. At 10K each, that's $18,000,000 that the market needs to absorb everyday to maintain that price. I really can't see that personally.

In that amount of time there could be upwards of 15-20 million more wallets and once BTC is steadily hovering north of the 1 or 2 thousand dollar range, it's public attention factor will have already been solidified and the genie will be permanently out of the bottle.

[aigeezer]

In 3 years 12.5 BTC will be produced every 10 minutes. At 10K each, that's $18,000,000 that the market needs to absorb everyday to maintain that price. I really can't see that personally.

The federal reserve QE program, 2012 version, authorized expansion at the rate of $40 billion/month, well over $1 billion/day, which in turn is vastly greater than the $18 million/day you cite for BTC. Whether the BTC price is attainable remains to be seen, but the comparison helps illustrate the mammoth scale of the QE intervention which actually happened despite its mind-blowing scope.

Such incredible numbers are certainly possible, in the sense of "logically possible". Like you, I don't think it is likely - but for me it's the colossal scale that makes it hard to imagine, rather than the literal possibility of it happening.

I would never have predicted QE being tried on the scale they used. A few years back I would not have predicted a centrally managed economy emerging in any Western nation without massive political upheaval, yet here we are. Interesting times!

I make no predictions, but it's a heck of a ride.

[bitbouillion]

In 3 years 12.5 BTC will be produced every 10 minutes. At 10K each, that's $18,000,000 that the market needs to absorb everyday to maintain that price. I really can't see that personally.

I have a hard time to follow that logic. There is no need that those coins are absorbed by the market. What if the miners decide to hold, because they anticipate higher prices? No new coin enters the market.

[TaunSew]

Dot.com was $7 trillion in the late 1990s and the internet back then was only used by 2% of the world's population.  Why is everyone bearish?

 Digital Currencies is the decentralization of banking, lower banking fees and even humanitarian as no one is required to have ID (the homeless and those in the third world who otherwise may not have a safe place to store their funds now have a place to do so).

Granted I can understand the concern that Bitcoin itself may be replaced.  At $6 billion capitalization (out of a potential $1-$10 trillion capitalization) means Bitcoin can easily end up being the Napster or Myspace of digital currencies - there's no staying power at $6 billion in a market that is hypothetically valued at trillions.

[yatsey87]

    “I guess the markets aren’t seeing what I am seeing. An entire economy is being rebuilt. I have a price target of $10,000 in three years. Even that may be pessimistic.”

Well I hope he's right but I think he's being optimistic. There's no way at all to guess what the price will be in the future and any attempts to do so are pure speculation, but 10k would be my hope for it in the near future. I could probably buy a house with my coins then which I would really like to do.

[Bill Bisco]

It's hard to spend your Bitcoin when people keep telling you that it will go that high.  And they tell us to spend it at these low prices to boot!

[Poolie]

It's hard to spend your Bitcoin when people keep telling you that it will go that high.  And they tell us to spend it at these low prices to boot!

Well don't spend it then. Hodl it until its worth a price you like then buy things with it that you want.

[LiteCoinGuy]

It's hard to spend your Bitcoin when people keep telling you that it will go that high.  And they tell us to spend it at these low prices to boot!

Well don't spend it then. Hodl it until its worth a price you like then buy things with it that you want.

well, just a hint but you can spent bitcoins and save bitcoins at the same time 

[cryptofan5]

After such comment the price is supposed to jump already, because all the people are supposed to run and buy btc while it is cheap, but it is not happening. :-)

[Divinespark]

Draper is a uber-rich SV VC for whom $18mn is pocket change, just some optionality that's all
He is talking his portfolio, seriously doubt he has a deep view of the btc protocol, just another punter albeit in size

[boumalo]

Draper is a uber-rich SV VC for whom $18mn is pocket change, just some optionality that's all
He is talking his portfolio, seriously doubt he has a deep view of the btc protocol, just another punter albeit in size

It would be very interesting to know if he paid more or less than the market price of the time, he probably didn't pay much more so he has accumulated a lot of virtual gains lately.

10 000$ in 2018 is still possible, as the taxes go down and the us deficit goes up, the us treasury will create more bonds and the fed will buy more of them which will create inflation even with much higher interest rates than the current's so the price of everything will go up and the price of inflation protected assets such as Bitcoin will go up even more.

When will the $ crash ? 2018, 2019, 2020, it is hard to say but it should not be in more than 5 or 6 years. Prepare guys, buy some bitcoins, some gold and some foreign assets.

[Carlton Banks]

FYI everyone:

This story is 2 and a half years old, Tim Draper made these comments in 2014, not in recent 2017

[cr1776]

FYI everyone:

This story is 2 and a half years old, Tim Draper made these comments in 2014, not in recent 2017

Good point.  He did repeat similar comments in January 2017 though:

https://cointelegraph.com/news/bitcoin-price-will-reach-10000-might-take-another-year-tim-draper

“I predicted a $10000 price on Bitcoin in three years about three years ago. Might take another year.”

[Carlton Banks]

FYI everyone:

This story is 2 and a half years old, Tim Draper made these comments in 2014, not in recent 2017

Good point.  He did repeat similar comments in January 2017 though:

https://cointelegraph.com/news/bitcoin-price-will-reach-10000-might-take-another-year-tim-draper

“I predicted a $10000 price on Bitcoin in three years about three years ago. Might take another year.”

He did?

I disagree with you, I made a bad point Maybe boumalo bumped the wrong thread? It's a typical thing that happens though, someone bumps some ancient thread that's not relevant to the current exchange rate action to try to make it relevant (and hope no-one notices the date), seems like I made a mistake though (don't even remember the Tim Draper story from this year, mind you)

[veleten]

you guys make one mistake,all of you
you value bitcoin in USD,while you cannot be sure what IS USD and what its value is in reality
next year (or even tomorrow) the central bank decides to devalue the dollar
they would explain it to you using their fav "bird language" :inflation,stagnation,crisis,devaluation,implementation
we all know what,for a example, a  kilogramme is-The International Prototype Kilogram is in BIPM
while dollar or any other currency nowadays is nothing more than a global mafia agreement

[bikbik2]

you guys make one mistake,all of you
you value bitcoin in USD,while you cannot be sure what IS USD and what its vaue is in reality
next year (or even tomorrow) the central bank decides to devalue the dollar
they would explain it to you using their fav "bird language" :inflation,stagnation,crisis,devaluation,implementation
we all know what,for a example, a  kilogramme is-The International Prototype Kilogram is in BIPM
while dollar or any other currency nowadays is nothing more than a global mafia agreement

Maybe all is really wrong about the real currency, but only very few people can afford to risk and go completely to using Bitcoin. The fact is that the dollar is very strong around the world if the dollar goes down the majority of even very heavily developed countries will fall.