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

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Fri, 12/06/2019 - 06:13
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  • Venture capitalist Tim Draper says that Bitcoin could occupy five percent of the currency market by 2023, which could push its price to $250,000

Cover image via draper.vc
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Legendary venture capitalist Tim Draper is still confident that the Bitcoin price is going to reach $250,000 in 2022. 

In his recent interview, he explained that the uber-bullish forecast is not based on the halvening. 

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Bitcoin as a currency   

Back in September 2014, Draper predicted that Bitcoin would be able to hit $10,000 in only three years. That prediction turned out to be conservative -- the Bitcoin price skyrocketed to $20,000 in December 2017.       

Now, Draper claims that he's more confident about his $250,000 prediction than his previous one. 

"I am more confident of $250,000 by 2022 or the first quarter of 2023 than I am of the prediction of $8,500 on December 31."           

The most interesting part about his prediction is that it's not based on Bitcoin's stock-to-flow model (S2F). The coin's flow is halved every four years, which historically leads to a massive bull run.

Instead, he expects Bitcoin to secure a five percent market share as an alternative currency. 

"My prediction was really based on creating enough of an infrastructure for Bitcoin to get a 5% market share around the world, as a currency." 

Draper claims that he's still buying Bitcoin because he takes it for tuition at Draper University.   

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Draper's religion is progress

Draper states that he's moving towards a decentralized world that relies on Bitcoin and smart contracts. The media and governments around the globe will soon realize its potential.   

"The currency business today is $86 trln. If you add crypto in 10 years from now, I think it's going to be $120 trillion. That's a huge, huge market..."

Draper also says that he does like the idea of forks because he loves innovations. He believes that Bitcoin Cash has potential since it has some "bright" people working on it. 

"My religion is in building progress and getting us to this new decentralized world, which I think is coming." 

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.

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COVID-19 Crisis Ruins Bitcoin's Q1, but Bulls Could Soon Have Massive Comeback

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  • Bitcoin (BTC) bulls have high hopes for Q2 after the coronavirus-induced crisis tanked the price of the leading cryptocurrency

Cover image via stock.adobe.com
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Bitcoin, the number one cryptocurrency by market capitalization, is set to finish its tumultuous first quarter of 2020 in the red with a 10.65 percent drop, according to crypto data provided by Skew.    

As reported by U.Today, it suffered a price crash of enormous magnitude due to the coronavirus pandemic that resulted in the global economic shock. 

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The stellar quarter that wasn't 

In early 2020, Bitcoin was on track to have its best Q1 since 2013. In fact, it gained more than 50 percent after reaching its current yearly high of $10,508 on Feb. 13. However, this rally hit a snag and BTC printed its first negative February close in six years

All bull dreams have been brutally shattered after the 'Black Thursday' of May 12. On top of halving its price in less than one day, BTC was actually in great danger of hitting zero because of a string of liquidations on BitMEX. 

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The odds are in the bulls' favor  

That said, there is still a good chance that the bulls can stage an impressive comeback in Q2, which is historically the most successful quarter for the leading cryptocurrency.

Last year, BTC kicked off its impressive rally on Apr. 2 with a sudden 20 percent price pump.   

At press time, BTC is sitting at $6,480, continuing its streak of range-bound price action.  

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.

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