Bitcoin had an extremely rough year in 2022. The price crashed, and the asset lost more than 70 percent of its value. Nothing could have prepared us for such a dramatic decline in the standing of the world’s largest and most popular digital currency, and yet there are some – such as venture capitalist Tim Draper – that refuse to give up on it.
Tim Draper Still Loves BTC
In a recent interview, Draper stated that 2023 will be the year in which bitcoin reaches a whopping price of $250,000. He believes this number could also materialize as early as June. He said:
I have extended my prediction by six months. $250K is still my number.
The reason he is pushing the price back to the summer is because he believes the drama surrounding FTX and its now disgraced founder Sam Bankman-Fried has caused the currency to be seen in a negative light by many people, whether they be new to the industry or experienced traders. However, he’s confident those involved in BTC will eventually be able to look past the problems surrounding the exchange and rev up their belief in the asset enough that it reaches his set price.
Draper also said that he expects bitcoin to be the only cryptocurrency that lasts. He thinks many copycats and altcoins are going to sink into oblivion, though he’s confident bitcoin is going to stand the test of time and become the strongest asset out there. He mentioned:
I expect a flight to quality and decentralized crypto like bitcoin and for some of the weaker coins to become relics.
This would all be fine and dandy except for two things. The first is the price that bitcoin is experiencing right now. The currency is presently trading in the high $16K range, which means that within the next few months, BTC would have to add more than $230,000 to its price to strike the chord Draper has predicted for it. Is this possible? While crypto has often proven unpredictable – sometimes pleasantly so – it’s hard to imagine such a huge jump in such a short period.
Is Such a Prediction Believable?
Second, this is not the first time Draper has predicted $250,000 for BTC. He did so back in 2018 and claimed that 2022 of all years would be the time in which the asset hit that number. Not only did this not happen, but 2022 will likely go down as the worst year for bitcoin or any form of cryptocurrency, so one has no choice but to take Draper’s words with a grain of salt.
Either way, the venture capitalist remains assured that bitcoin will prove a dominant currency in the future and that we will all be paying for our groceries and daily needs with the asset.