Venture Capitalist and well-known bitcoin advocate, Tim Draper, stands firm on his bullish bitcoin prediction. He believes that the price of bitcoin will reach $250,000 in the next three years. Speaking at the Virtual Blockchain Week, Tim Draper reaffirmed his price prediction, citing a few factors he believes will help the cryptocurrency’s price grow exponentially over the next three years.
“US government’s massive stimulus package could help BTC rise.”
Billionaire Tim Draper mentioned several factors that could help the BTC’s price reach $250,000 within the next three years. One of the factors he noted was the US government’s massive stimulus package that is debasing the value of the dollar and sending people to the cryptocurrency space. The billionaire investor expects bitcoin payments to see massive commercial adoption over the next three years, as believes that the retailers would realize that they can accept crypto payments and save money on credit card fees. Tim Draper jokingly said that he would eat a raw egg if his prediction fell short, in an allusion to John McAfee‘s infamous $1 million bitcoin price prediction.
Bitcoin’s price hovers around $7,700 mark.
At the time of writing, the price of bitcoin is trading at just above $7,700 mark. The price of the leading cryptocurrency is up 12.9% in the last seven days, with a 24-hour trading volume of $33,296,351,122. Tim Draper has been a bitcoin bull for a long time and was even the winner of an auction of nearly 30,000 BTC that were seized from the now-defunct darknet marketplace the Silk Road. However, Tim Draper has repeatedly called for the release of Silk Road founder Ross Ulbrich, who is currently facing two life sentences plus 40 years without a possibility of parole. Tim Draper’s prominent investments include Baidu, Hotmail, Tesla, Skype, Twitter, Coinbase, Robinhood, Twitch, and several others.
Check BTCUSD Chart on TradingView.
Bitcoin halvening is scheduled to take place in two weeks from now. The reward for each block mined would be reduced from 12.5 BTC to 6.25 BTC post halvening.