on the crypto
Draper Fisher Jurvetson founder Tim Draper is not troubled by the latest brutal sell-off in the cryptocurrency market and insists the cryptocurrency will still hit $ 250.000 in 2022 or early 2023.
Draper still expects BTC to reach $ 250 in 2022
In early 2018, Draper hit the headlines after boldly predicting that the price of bitcoin would hit $ 250 by 2022. And since then, nothing has happened to change his optimistic outlook.
In a recent interview with Benzinga, the venture capitalist he has invested in successful companies such as Twitter, Tesla, Skype, Hotmail, Coinbase, among others, he explained that bitcoin will reach its goal driven by the growing adoption made possible by the enormous popularity.
“Yes, I confirm my prediction. $ 250 for bitcoin by the end of 2022 or early 2023. We have had many ups and downs and will continue to have them, but global, reliable, decentralized, frictionless, open and transparent bitcoin will become more and more popular as we go. that more and more applications evolve.
For BTC to reach $ 250.000 by the end of next year, it should appreciate by around 800 percent. Currently, bitcoin is changing hands at around $ 32.
"Bitcoin represents freedom and trust"
For Draper, bitcoin is the representation of freedom and trust. He noted that many people around the world are already reaping benefits from the economies that can be created around the flagship cryptocurrency. This is different from countries like Argentina and Nigeria, where national fiat currencies are constantly devalued.
As for the US, the declared bitcoin bull has no doubts that BTC will remain a modern hedge against inflation, as long as the unprecedented printing of dollars by the government and the Federal Reserve continues.
Will Draper prove himself wrong this time?
While price predictions in the cryptocurrency industry are a dozen, Draper's track record sets it apart. In 2015, when bitcoin was worth less than $ 500, the venture capitalist accurately predicted that the asset would hit $ 10.000 by the end of 2017.
Bitcoin actually hit $ 10.000 two years after its forecast and doubled the target in the same year, as Draper had predicted.
After a steep rise in 2021, the price of BTC plummeted around 52% from its all-time high of just $ 65.000 in April. The collapse was triggered by China's renewed crackdown on both mining and trading of bitcoin and later exacerbated by Tesla's eccentric CEO Elon Musk. Time will tell if Draper's $ 250.000 forecast is spot on.
