Tim Draper, a Bitcoin bull, had previously predicted that the BTC price would rise to $250,000 by the end of 2022. However, the venture capitalist has changed his stance. He now expects the price value of BTC to hit that level by mid-2023.
You would recall that three years ago, Tim Draper predicted the price to increase by ten folds— when the price stood at $1,000. Fortunately, the predictions were accurate as BTC reached $10,000. The prophecy was fulfilled and exceeded when the token rose to $20,000.
Furthermore, the venture capitalist is extending his prophecy of BTC reaching $250,000 by the end of the year. He said,
I have extended my prediction by six months."
Even though the price value predicted still stands at $250,000, he expects
A flight to quality and decentralized crypto like Bitcoin and for some of the weaker coins to become relics." Kevin Svenson tweeted that the price target of $250,000 is possible."
Tim Draper says the crypto ecosystem would have to overcome significant opposition to hit the $250,000 mark. He described the collapse of FTX, Three Arrows Capital (3AC), and the tightening macroeconomic environment as some opposition to hitting the number.
Furthermore, he remains bullish on Bitcoin and the crypto ecosystem, predicting that 2023 will witness buying pressure. He added that new holders would jump into the market due to high inflation.
Another claim by Tim Draper is that the upcoming Bitcoin halving in 2024 will serve as another bullish factor. Records and past events showed that Bitcoin halving always preceded BTC's bullish cycle— because the demand for crypto declines while supply also decreases.
He added that the increasing inflation and lack of trust in the traditional financial system would propel his prediction. He said,
Management of fiat is centralized and erratic… those arbitrary centralized decisions create an inconsistent economy."
Furthermore, Tim Draper strongly believes in a massive untapped demography for Bitcoin, the women. He said,
My assumption is that since women control 80% of retail spending, only one in seven Bitcoin wallets is owned by women."
He says, "The dam is about to break" as women are about to double their BTC holdings.
You would recall that a CNBC and Acorns by Momentive survey revealed a huge gender disparity in crypto. The survey showed that twice as many men as women invest in digital assets. 16% of men hold a digital asset, while 7% of women do.
Similarly, he said the benefit for retailers when they could save 2% on every purchase will increase BTC usage. This is another bullish factor that would make the prophecy come to pass. He said,
Once retailers realize that 2% can double their profits, Bitcoin becomes ubiquitous."
However, a veteran investor, Mark Mobius, said Bitcoin could crash to $10,000 next year. This prediction shows a more than 40% plunge from the current price value.
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