American venture capitalist Tim Draper is confident that his prediction of bitcoin reaching $250K per unit, which he founded Draper Fisher Jurvetson(DFJ), remains true. Draper said in April 2018, at the Draper University blockchain party, that he predicted: “$250K by 2022.” At this year’s Web Summit 2022 event, Draper said he “extended” his forecast “by six months,” as he now predicts bitcoin will tap that price range “by mid-2023.”
Tim Draper: Bitcoin will Hit $250K By Mid-2023
Tim Draper spoke at the three-day Web Summit 2022 event this year and explained that he’s a fan of bear markets. The billionaire investor detailed during his discussion that the crypto winter is the venture capitalist’s (VC) “favorite time to be investing.” Draper is a well known VC in the crypto industry, but he’s also backed prominent companies such as Tesla, Spacex, Robinhood, Docusign, Ring, Skype, and Baidu.
Draper was once asked his opinion on the price of bitcoin (BTC). He had correctly predicted that the cryptocurrency asset would reach $10K per unit. The Draper University hosted a party for the billionaire investor in mid-April. Draper stated that Bitcoin could surpass $250,000 in 2022 at the party. On Twitter, Draper wrote: “Serious winds (of change) at our block(chain) party last night — I predicted $250K by 2022.”
In June 2021, Draper doubled down on his $250K forecast, and during an interview a year later in June 2022, Draper told Scott Melker, aka the Wolf of All Streets, that “by the end of this year or early next year” BTC would hit his $250K target.
Amid the bear market this year and speaking at the Web Summit 2022 conference, Draper said bitcoin is essentially protection “against bad governance.” While the $250K prediction still rings true with Draper today, he’s added a six months extension to his forecast. Draper claimed:
By mid-2023 — I’m expecting to see bitcoin hit $250,000.
‘No Reason to Hold on to Fiat Currency’
Draper stated that women will be top investors in bitcoin and that they are likely to drive the price to $250K. This commentary is similar to what he said in his interview last June with Wolf of All Streets. A surge of bitcoin demand will stem from “retail spending,” Draper insisted at the Web Summit 2022 event.
Draper also explained that right now, it’s not easy to use bitcoin for stuff like “food, clothing, and shelter.” However, once retail spenders can utilize bitcoin (BTC), Draper wholeheartedly believes “there will be no reason to hold on to fiat currency.” The venture capitalist also spoke about stablecoins and noted while they are a good “bridge to bitcoin,” they are centralized and in the end, they are meaningless in comparison.
While speaking about stablecoins, Draper mentioned the now-defunct Terra stablecoin UST and the blockchain’s native token LUNA. Draper remarked to the interviewer that the Terra-crafted stablecoin concept was “built wrong.”
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