TL;DR Breakdown
• Billionaire Tim Draper says that by the end of 2022, Bitcoin will reach $250,000.
• Draper has invested in BTC and thinks that it will go very bullish.
Tim Draper, a billionaire venture capitalist, has commented that he will stick to his recent predictions about Bitcoin. He has said that the world’s largest cryptocurrency will reach $250,000 by the end of 2022 or later than early 2023.
This had always been his initial prediction, even though the most popular digital currencies crashed massively a few weeks ago. Tim Draper has invested in BTC and remains optimistic that the most capitalized cryptocurrency in the world is heading in a winning direction. He also said this cryptocurrency can increase its acceptability right now.
A winning prediction on Bitcoin
Tim Draper is a 63-year-old man and is a veteran venture capitalist who has built his wealth by making initial investments in Skype, Twitter, SpaceX, and Tesla.
Draper first predicted in 2018, when BTC was trading at $8,000. However, cryptocurrencies recently lost their value due to a market crash. All this followed the Chinese repression of its trade and severe criticism for increasing the use of fossil fuels.
This year, the cryptocurrency Bitcoin saw a lightning surge, reaching an all-time high of $65,000, before losing 50% last month. However, in an interview with CNBC, Draper said that he is sure and correct in his predictions. He further added that he would be right, or may also be wrong, but remains confident that he is going in the right direction.
The prediction is barely more than a year away, and Draper claims that his prediction or proposal will stand and that more people will trade this cryptocurrency by then.
BTC price will increase in a year
The billionaire also added that retailers would be on OpenNode (a BTC payment processor) in a year and a half, making everyone accept this cryptocurrency.
Today, few companies accept payments in digital currencies directly or through third-party electronic wallets. Tim Draper bases his prediction on a potential increase in demand due to more people using this cryptocurrency. There are around 21 million Bitcoin available in total to be mined. Over 18 million Bitcoin is already in circulation.
But Dogecoin has been endorsed by Tesla, and Elon Musk, the SpaceX CEO, has said that DOGE may have many potentials. However, he also added that the engineers are not operating on it and instead focus on the cryptocurrency Bitcoin.
Last week, BTC got its first update in 4 years. Despite using energy massively, Draper claims that BTC will be a significant player in the financial market for 2-3 more decades.
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Source: https://www.cryptopolitan.com/tim-draper-said-bitcoin-would-reach-250000/
