63-year-old venture capitalist Tim Draper has always been there to support BTC. In a recent interview, he stuck to his guns and claimed, once again, that bitcoin was likely to hit the $250,000 mark by the end of 2022 or the beginning of 2023, something he has mentioned time and time again in the past.
Tim Draper On Where BTC Will Go
The price of bitcoin has not been in the best place. Recently, the currency – which was trading for about $64,000 per unit last April – fell into the mid-$30,000 range by the following month, and the currency experienced its worst drop in 12 years. While the currency has risen above the $40,000 line again at press time, it does not look like bitcoin has the stamina to move much further without a big boost of some kind.
Still, Draper remains confident that bitcoin will come out on top and surprise us all. Discussing his price prediction, he stated:
I think I am going to be right on this one… I am either going to be really right or really wrong, [but] I am pretty sure that it is going in that direction.
One of the reasons he thinks bitcoin will eventually be doing so well is because by then, many companies will be using it more often for payments and network purposes. He comments:
Give it about a year and a half and retailers will all be on Open Node [a bitcoin payment processor], so everybody will accept bitcoin.
Draper has been predicting a $250K price for bitcoin since the year 2018. That was a rocky time for bitcoin in that it had attained a previous all-time high of approximately $20,000 per unit just a few months before in late 2017. However, the following year saw the currency lose value like crazy. At the time of Draper’s initial prediction, bitcoin was at around $8,000.
Even now at a price of approximately $40,000 – considerably higher than where it was three years ago – one must take Draper’s price prediction with a grain of salt. After all, he is basically giving bitcoin about a year and a half to jump more than $200,000. That is some major ground to cover, though to be fair, as we have seen in the past, nothing is impossible with bitcoin, and the fact that it could go from about $6,000 to $64,000 in just a year, perhaps there is something in bitcoin’s steamroller that can get it moving in a six-figure direction.
What Cryptos Do You Look At?
Draper has done well investing in companies such as Skype and Tesla early. This is how he has made his money over the years, but he has since shifted his focus to crypto, and explained what assets make him do a double take:
I tend to focus on the ones where people are dedicating their lives to improving the currency.