Tim Draper Explains Why His $250,000 Bitcoin Price Prediction Still Stands

Mon, 02/24/2020 - 19:04
Alex Dovbnya
Billionaire Tim Draper doubles down on his uber-bullish $250,000 Bitcoin (BTC) price prediction
Cover image via u.today

In his already iconic Bitcoin tie, venture capitalist Tim Draper has once again opined that the BTC price could reach $250,000 in 2022. He predicts that the orange coin could become "the currency of choice" by that time. 

"I'm still holding to my prediction. I think Bitcoin Bitcoin in 2022 or at the beginning of 2023 will hit $250,000, and that is a big move from where it is here." 

Bitcoin Price Reaching $500,000 Is 'Possible,' Says Fundstrat's Tom Lee

Bitcoin could replace fiat 

Trader says that it's still hard to move around Bitcoin, which is why it struggles with adoption. However, once it becomes scalable enough, there will be a clear choice between paying credit card fees or using a "frictionless, open, and transparent" alternative. 

"At some point, people are going to make this switch, and Bitcoin is going to be the big winner."

As reported by U.Today, Draper correctly predicted that the price of Bitcoin could skyrocket to $10,000 after winning 29,656 BTC during the first auction conducted by the US Marshals back in June 2014. 

In the latest CNBC interview, he did not explicitly state what percentage of his $1 bln net worth is in Bitcoin, but he did say that he owns "a lot, a lot" of it. 

Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Don't be fooled by Buffett 

Berkshire Hathaway CEO Warren Buffett has once again lambasted Bitcoin and other cryptocurrencies as completely worthless assets. However, Draper is not even remotely surprised by his scathing critique. 

The venture capitalist pointed to the fact that banks and insurance companies represent a staggering 50 percent of Buffett's entire holdings, which essentially explains his aversion to Bitcoin. 

"They are not going to do well in this new decentralized economy. Of course, he's not gonna like it"     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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