According to Tim Draper, Bitcoin could hit $250,000 here

Alex Dovbnya

Venture capitalist Tim Draper has reset the clock for his ambitious $250,000 Bitcoin forecast

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Tim Draper, the venture capitalist known for his early and bullish Bitcoin investments, has revised his forecast of when the cryptocurrency will hit $250,000.

While Draper originally forecast that this milestone would be reached by the end of 2022, current market conditions have pushed its timeline to 2025.

At press time, bitcoin is trading at $30,402, a long way from Draper’s ambitious price target, but the investor remains steadfast on his forecast.

Draper has been a vocal supporter of bitcoin since 2014, when he bought 29,656 bitcoins for a staggering $18.7 million at a US Marshals auction.

The coins, originally confiscated by the now-defunct dark web marketplace Silk Road, would prove to be a wise investment as Bitcoin’s value rose sharply over the next few years.

Draper’s foresight about Bitcoin’s potential was evident back then when he predicted a price of $10,000 within three years — a target Bitcoin surpassed in 2017.

Despite recent setbacks, including tighter monetary policy from the Federal Reserve and a string of bankruptcies by major industrial firms that shocked the crypto world over the past year, Draper remains bullish on the cryptocurrency. He cites a number of factors that could contribute to Bitcoin’s rise, including an increase in female investors, potential cost savings for retailers, and the upcoming Bitcoin halving in 2024.

Draper believes that the under-representation of women in the bitcoin market, who control 80% of retail spending, could be a key catalyst for bitcoin’s rise.

Additionally, he argues that retailers could save about 2% on every purchase in bitcoin compared to the dollar, which could provide an incentive for wider adoption of the cryptocurrency.

Despite the current market conditions and delayed schedule, Draper’s belief in Bitcoin remains unbroken.

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