Tim Draper Stands by Forecast of $250,000 for Bitcoin
Popular venture capitalist Tim Draper, while giving a speech at Virtual Blockchain Week, reaffirmed his six-figure target price for Bitcoin (BTC).
Two years back, Tim Draper had forecast a price of $250,000 for Bitcoin by the end of 2022 or at the beginning of 2023. He reaffirmed his forecast with the following statement:
“That’s my prediction. Sticking with it. I’m very confident that that is going to happen. That’s happening. It’s kind of funny.”
He has pointed out several key reasons that could lead to forecast price. Draper feels that the US government’s huge stimulus package will devalue the dollar and divert people to cryprocurrencies.
He also anticipates that Bitcoin will see huge adoption on a commercial scale across the globe with the specified time period.
He highlighted that “All of the sudden, the retailers say, “Oh, you mean I don’t have to pay 2.5-4 percent to the banks every time somebody swipes a credit card?”
Draper believes that OpenNode, a blockchain firm in which he invested $1.25 million, could assist in achieving the target price.
OpenNode is hosting a Bitcoin payment gateway on the Lightning Network, which is popular for quicker BTC settlements.
Over a period of time, Draper trusts such facilities will demonstrate their efficiency in comparison to traditional payment methods such as credit cards and will gain market share in the same manner as Visa and MasterCard garnered market share from American Express.
In a jovial manner, Draper guaranteed to consume a ‘raw egg’, in case his forecast is not achieved. In the meanwhile, the market is closely monitoring Bitcoin’s price movement as there are only two weeks left for Bitcoin halving.