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Prominent Silicon Valley investor Tim Draper has addressed his failed $250,000 Bitcoin price predictions during his Monday interview on CNBC.
"So, I've been predicting $250,000 for Bitcoin for a long time. It turns out I haven't been right yet," Draper said, bursting out in laughter.
Nevertheless, Draper claims that the fact that Bitcoin is already halfway there is "very exciting."
He insists that Bitcoin is a "hedge" against bad governance, arguing that now is actually "a really good time" for the bellwether token.
Uber-bullish price target
Draper, who made his massive fortune with early bets on such names as Skype and Hotmail, was also among the first prominent investors to embrace Bitcoin. In 2014, he bought tens of thousands of Bitcoins that were auctioned off by the US Marshals Service after being confiscated from darkweb marketplace Silk Road.
In 2014, Draper predicted that Bitcoin would hit $10,000 within three years with extreme accuracy.
However, his next bullish target was a huge miss. Draper first stated that Bitcoin would be able to reach $250,000 within four years back in April 2018. He would then repeatedly reiterate that prediction throughout the years.
By the end of 2022, Bitcoin was trading at just $16,000 amid the FTX-induced market crash. Draper was forced to reset the clock on his ambitious price target several times.
Most recently, he predicted that Bitcoin would finally be able to reach $250,000 this year, which seems to be rather unlikely considering that the crypto king is currently changing hands at $111,000.
Bitcoin and Microsoft
As reported by U.Today, Bitcoin recently started losing ground to altcoins, including Ethereum (ETH).
Draper claims that competition is good for Bitcoin, adding that its market dominance is actually higher compared to previous cycles.
He has reiterated that Bitcoin is comparable to tech behemoth Microsoft in the sense that various novel applications are being ported to the leading network.
Draper has stated that there is a "gravitational" pull toward the largest cryptocurrency.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team