The well-known venture capital investor and bitcoin maximalist Tim Draper, in an interview with Yahoo Finance, predicted that the price of bitcoin will reach $250,000 by the year 2023. He also mentioned that increasing consolidation might delay bitcoin’s rise to $250,000. Draper is known in the crypto community for making bullish bitcoin predictions.
Tim Draper is not the only one to think so
Tim Draper is not the only one to make such bullish predictions about bitcoin. Earlier, Bobby Lee predicted that bitcoin will surpass the market cap of Gold within a decade, and its price will reach around $1 million. For Draper’s prediction to come true, bitcoin’s price will have to rise over 20 times than what it is now.
He also went on to “hedge his bets.” He had predicted that bitcoin will reach $250,000 by 2020, but he added that “$250,000 by 2022, and I’m hedging a little, maybe Q1 2023.”
Draper has a good track record in predicting bitcoin’s price.
The highly bullish prediction made by Tim Draper seems very optimistic if we go by the market condition right now. But Draper has made some accurate predictions in the past. He had predicted that bitcoin would reach $10,000 before 2017, and bitcoin saw its all-time high at $20,076 by the end of 2017.
Many experts believe that current political turmoil all over the world could boost the price of the bitcoin, as it is the leading decentralized currency. At the time of writing bitcoin is changing hands at just below $8,700.