Billionaire Tim Draper has doubled his forecast that Bitcoin will hit $ 250,000 by the end of 2022.
Draper first made this prediction in 2018, when Bitcoin’s price was still below $ 10,000. As a venture capitalist and technology investor, Draper has always believed in the coin. He always took every opportunity to show his support for the coin whenever he could.
The venture capitalist believes Bitcoin will become an accepted form of payment everywhere. Which, in his opinion, will drive the coin price to the point he has forecast.
“I’ll be right here”
Tim Draper has always had strong beliefs when it comes to Bitcoin. His support for the coin has never waned. He believes that Bitcoin will be at the center of all financial activity in the world for the next 20 years.
Related reading | Will a big surge in bullish sentiment lead to a Bitcoin rally?
He goes on to believe that the price of the coin will continue to rise. “Because there are only 21 million of them,” he explains.
This refers to the limited supply of Bitcoin. When Bitcoin was created, only 21 million coins were created and ended up in circulation. That means 88.3% of the total supply has been minted, and it happened in a decade. This scarcity of the coin is one of the reasons why so many people believe that the price of Bitcoin will increase exponentially. Because there is only a limited amount of coins that can be mined or bought.
So far, around 18.5 million bitcoins have been mined. There are only 2.5 million coins left to be mined. It is predicted that it will take about 120 years for the last coin to be mined. With halving every four years.
Don’t give in to his Bitcoin prediction
Tech investor Tim Draper still believes Bitcoin will soon hit $ 250,000. He only slightly revised his previous predictions by saying he will hit that price in late 2022 or early 2023.
At 63, Draper has invested most of his professional life. He made his fortune early investing in Twitter, Tesla, and more. Not new to how financial markets work, he said that Bitcoin will be a big player in this area. He pointed out that Bitcoin has many positive properties and said that this will pull the crowds for the coin.
Bitcoin back below $40k | Source: BTCUSD on TradingView.com
Regarding the use of Bitcoin as a currency, Draper is quoted as saying:
“Bitcoin will be the currency of choice. Bitcoin is not that easy to move, but at some point it will be. Then the choice is yours and you will say, hey, do I want to pay 2.5% to 4% to the banks every time I swipe my credit card, or do I want a smooth, open, transparent, global and unbound currency? any political force? “
Bitcoin’s viability as an everyday currency has always been a hot topic in the crypto world. The fees for shipping the coin have long been a point of contention when it comes to paying for everyday items. And fees go up significantly in bull markets, where fees can cost more than the amounts sent in small transactions.
Related reading | Hall of Fame investor: Bitcoin is in a “bear market”
Regarding the stock market, Draper announced that the stock market was no longer an image. His intention is to devote his portfolio to the crypto market instead.
The billionaire believes other companies will follow in the footsteps of companies like Microsoft and PayPal that started making payments using cryptocurrency.
Draper also commented on Elon Musk and how his tweets have impacted the crypto space. He says Musk got this wrong, despite believing Musk is one of the most brilliant men in the world.
Musk’s tweets were the only driving factor behind the huge price hike for Dogecoin. A coin that was created as a joke but is now one of the most highly profitable coins in the world.
Featured image from Bitcoin News, chart from TradingView.com