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Venture capitalist Tim Draper has announced his most aggressive Bitcoin forecast to date.
In a recent social media post, he has predicted that the asset will hit $250,000 within six months and eventually skyrocket to $10 million as it eclipses the US dollar.
The $10 million "endgame"
Draper's uber-bullish prediction is based on currency replacement. He argues that the share of the US dollar will "keep shrinking" due to inflation and debt.
The $10 million figure is a long-term target. His immediate focus is on a rapid 2.5x surge from current levels to $250,000 by mid-2026.
"Now I'm calling $250,000 in six months, and all up from there. $1,$2 maybe $10 million before Bitcoin eclipses the use of the dollar. The Bitcoin network keeps growing while the dollar keeps shrinking," he said.
Draper cites the end of a "misguided administration" as the green light for this next leg up. He is, of course, referring to the regulatory heavy-handedness of the previous few years.
The history of the $250,000 prediction
Draper is famous for his high-stakes price calls, but his road to $250,000 has been bumpy.
The early investor in Skype and other companies famously predicted Bitcoin would hit $250,000 by 2022 back in 2018. Back then, the bellwether cryptocurrency was changing hands at roughly $8,000.
However, the crypto market was in the middle of a major crisis triggered by the FTX collapse. Bitcoin traded near $16,000, which, of course, was nowhere near Draper's uber-bullish target.
The billionaire admitted his timing was off but refused to change the price target. He extended his deadline to mid-2023, and later to 2025.
Now, with Bitcoin trading significantly higher and the regulatory clouds parting, Draper believes the original target is finally imminent, giving it a "six-month" window to materialize.
A track record of "crazy" calls
Despite the $250k delay, Draper’s track record earns him attention. In 2014, when Bitcoin was trading at roughly $180, Draper predicted it would hit $10,000 by 2017. Most dismissed it as fantasy. Three years later, in November 2017, Bitcoin crossed the $10,000 mark.
"People thought I was crazy when Bitcoin was at $180 in 2014 and I predicted $10,000 by 2017. Three years to the day later, it hit exactly that," Draper recalled.
Draper purchased nearly 30,000 BTC from the US Marshals Service auction of the assets seized from the Silk Road. He paid roughly $632 per coin, which was above the market price at the time.
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