Venture capitalist Tim Draper recently appeared on the On The Ledger podcast, standing by his bold prediction that Bitcoin's value will reach $250,000.
"Sure, I'm predicting $250,000 Bitcoin. I thought it would happen before June of this year, but this might be extended a little bit," the famed venture capitalist noted.
"We are on the run now. Maybe it does happen. Pretty sure it happens three months before the halvening," he said during the podcast.
During the "halvening" event, which is expected to take place in April 2024, mining rewards will be reduced by 50%.Despite the uncertainty surrounding the timeline, Draper is confident in the future of Bitcoin, asserting that it is superior to traditional banking and fiat currencies.
Draper, best known as the founder of Draper Associates and an early Bitcoin investor in 2014, remains optimistic about the cryptocurrency's prospects.
While he acknowledges potential doomsday scenarios for the cryptocurrency market, he does not foresee a situation in which Bitcoin completely fades away. Instead, the venture capitalist suggests that banks and fiat currencies are unlikely to cause a downward trend for cryptocurrencies.
This belief in the resilience and potential of cryptocurrencies has fueled Draper's bullish sentiment.