Tim Draper, one of the most bullish investors and figures in cryptocurrency, has updated his bold $250,000 price prediction for Bitcoin to occur by 2023.
Speaking during a Fox Business interview on May 10, the venture capitalist claimed that his $250,000 BTC price prediction, made last November, would occur within the next four years. Draper continues to cite growing global dominance and interest in the use of digital currencies as the primary drive for Bitcoin reaching its target price, and is receiving at least some validation from the massive bullish run for Bitcoin over the last month.
Since the start of the week, BTC is up over $1000, smashing the $6K resistance marker that was previously predicted by analysts. Instead, the currency is making a steady march towards $7000, with altcoins also making a rally after falling in price throughout the week. Draper made his comments updating the price prediction ahead of Saturday’s massive price increase, but no doubt had his finger on the pulse for Bitcoin’s market movement over the last month.
While Draper has been made out as a caricature at times for his massive price prediction, the VC is undoubtedly one of Bitcoin’s most ardent and bullish supporters, regardless of his holding in BTC. In November, Draper outlined that a $250,000 price point for Bitcoin was reasonable considering the global market share the currency could command in lieu of fiat. At the time, Draper pegged a 5 percent share of the global currency market as a target for BTC, citing strong fundamentals over outdated fiat as a reason for mass conversion,
“We are talking […] about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say ‘I’ve got this choice.’ […] Do I want a currency that I can take from country to country […] or do I want one that sticks me in one country or one geographic area and I can’t use it anywhere else?”
Speaking with FOX Business at the Salt Conference in Las Vegas on May 10, Draper updated his claim to investors with a time frame for BTC’s ascension to 250K,
“It’s going to keep going because, I’m a believer than in four years, something like that, bitcoin will be about a 5% market share of the Earth.”
Draper reiterated the benefit of using Bitcoin over alternative forms of money,
“It’s a better currency, it’s decentralized, open — it’s transparent; everybody knows what happens on the blockchain.”
In addition to his comments on the price of Bitcoin, Draper claimed that he was willing to back his staunch belief in Bitcoin by launching a BTC based company. The VC stated that he imagined a future where he could run a fund exclusively in Bitcoin, taking BTC for investment and paying out in the currency. According to Draper, running a fund solely in Bitcoin would require “no accounting, no legal, no bookkeeping, no custody–it would all be done.”
Since Draper’s comments, the price of Bitcoin has continued on a near linear rise, reaching $6920 as of writing.
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