Tech billionaire Tim Draper, an avowed bitcoin bull, predicts that the cryptocurrency industry’s market capitalization will soar to $80 trillion by 2023. Despite a dismal summer that saw crypto prices plunge below expectations, Draper says the market will continue to boom into the foreseeable future.

Draper made the bold prediction during a video call at the DealStreetAsia summit in Singapore.

The California-based venture capitalist said cryptocurrency evangelists should not be demoralized by bitcoin’s recent price plunges, saying these types of decelerations are normal when it comes to new technologies.

‘The Internet Started The Same Way’

“The Internet started in the same way,” Draper said. “It came in big waves and then it kind of came crashing down. And then the next wave comes concentrated but much bigger. I suspect the same thing will go on here [with bitcoin].”

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