The venture investor Tim Draper, who is well-known for his early and enthusiastic Bitcoin purchases, has updated his forecast for when the cryptocurrency would reach $250,000.
The present state of the industry has caused Draper’s deadline to be pushed back to 2025 from his original prediction that this milestone would be attained by the end of 2022.
When compared to Draper’s lofty price goal, Bitcoin is currently trading at $30,402, but the investor is still confident in his forecast.
Since 2014, when he paid an astounding $18.7 million for 29,656 bitcoins in a U.S. Marshals auction, Draper has been a strong supporter of the digital currency.
The coins, which were originally seized from the now-defunct dark web site Silk Road, would turn out to be a smart investment as Bitcoin’s value soared over the following several years.
Draper anticipated a price of $10,000 within three years, a goal Bitcoin achieved in 2017. This prediction showed Draper’s vision of Bitcoin’s potential even at the time.
Draper continues to be positive about cryptocurrencies despite recent setbacks including stricter monetary regulations from the Federal Reserve and a string of significant industry business bankruptcies that shook the cryptocurrency community last year. He lists a variety of causes, such as an increase in female investors, possible cost savings for shops, and the impending Bitcoin halving event in 2024, that might contribute to Bitcoin’s growth.
Draper thinks that the underrepresentation of women in the Bitcoin market, who account for 80% of retail spending, may have a major influence on the adoption of the cryptocurrency.
Additionally, he contends that businesses may save about 2% on each Bitcoin transaction compared to a dollar transaction, which could encourage a wider use of the cryptocurrency.
Draper’s belief in Bitcoin is unwavering despite the unstable market and the postponed deadline.
