Tim Draper is at it again with his wild bitcoin predictions, and we can’t help but love him for it, but it seems like he’s resorting back to previous thoughts, and we can’t help but wonder what happened to the newfound confidence he appeared to be displaying when 2019 vanished.
Why Is Tim Draper Backtracking?
At the end of last year, Draper confidently stated that he thought bitcoin would potentially reach $250,000 by the time 2020 was over. That gave bitcoin just over a year to spike by nearly $243,000 (at the time, the asset was trading for just a few hundred dollars past $7,000).
Now, the venture capitalist is saying he’ll eat a “raw egg” if the currency doesn’t hit $250K by the year 2023. For the most part, 2023 isn’t that far off the mark, but what happened to 2020? Why is he pushing his prediction back suddenly?
To be fair, 2022 was his original slated year in which bitcoin would hit the said price. He then pushed it back a few months, saying that it would occur in 2023, but the fact that he recently pulled the prediction to the present really said a lot. It said he was highly confident in bitcoin and believed it could surpass all present resistance to achieve what many of us thought – and likely still think – wasn’t possible.
In a recent interview, he comments:
That’s my prediction. Sticking with it. I’m quite confident that that is going to happen. That’s happening. It’s kind of funny. Suddenly, the retailers say, ‘Oh, you mean I don’t have to pay 2.5-4 percent to the banks every time somebody swipes a card?’
Draper’s thoughts for 2020 joined an onslaught of similar six-figure predictions for the world’s number one digital asset. For example, Ross Ulbricht of Silk Road fame predicted that one unit of bitcoin could potentially reach $100,000 by the time the year was out, while Charles Hoskinson – the co-founder of Ethereum – believed the same thing.
So Many Wild Predictions
This number doesn’t appear entirely accurate or realistic at this point considering how much bitcoin has fallen in just the last two months alone. The coronavirus pandemic that’s been sweeping the globe has seriously hurt the global economy and took a major swing at bitcoin, which ultimately fell from about $10,300 in mid-February to the high $3,000 range in March. This drop was brief, and BTC has managed to recover quite a bit of its losses as of late, but there’s still plenty of room to go.
Either way, Draper may be falling back on his recent prediction, but he remains a loyal advocate of bitcoin, having purchased a stash back in 2014 that had previously been owned by Ross Ulbricht through an auction. He also recently exited the stock market and put all his money in BTC.