Bitcoin price predictions: Experts support billionaire investor Tim Draper's '$250,000 by 2022' forecast

Billionaire U.S. venture capital investor Tim Draper's bold prediction that Bitcoin would hit $250,000 by 2022 received backing from CNBC's Brian Kelly this weekend.

Kelly, of “Fast Money,” supported Draper's position in an interview Saturday in which he said “it sounds crazy” to consider that BTC [Bitcoin] already had a 4,000 percent return over two years and a 3,000 percent return in four years may be a “continuation of the trend we've seen.” Kelly said that mainstream institutionalized money flooding into the cryptocurrency sphere from Rockefeller's VC arm, Soros Fund Management and even a Goldman Sachs executive have decreased the volatility in investing, Cointelegraph first reported .

Kelly compared Bitcoin to some of the first big players on the Internet, including Cisco and Microsoft. “I think this technology is going to work, it's going to be game changing, but it's very early days, so we can have this massive volatility,” explained Kelly. Fundstrat's Tom Lee blamed Bitcoin's earlier price fall on a large-scale taxpayer sell off ahead of the April 17 federal tax deadline. Draper initially made the bullish prediction while speaking at a Blockchain event hosted by his own university in San Mateo, California Thursday. He told attendees and investors to “believe” in the lofty predictions, Cointelegraph reported .