Billionaire venture capitalist Tim Draper stated that he will stick to his initial prediction that Bitcoin will reach $250,000 (approximately Rs 1.85 crore) by the end of 2022 or early 2023, despite a few weeks The former top cryptocurrency crashed on a large scale. Draper, who has invested in Bitcoin, said that he is “very certain” that the world’s largest cryptocurrency is moving in this direction and will gain more recognition by then. The first time he made this prediction was in 2018, when Bitcoin was trading at US$8,000 (approximately 590,000 rupees).
Major cryptocurrencies have lost a lot of value in the recent market crash because they have been severely criticized for promoting the use of fossil fuels and China’s crackdown on their transactions. Bitcoin has risen rapidly this year and has reached a historical peak of nearly US$65,000 (approximately 4.8 million rupees) before its value fell more than 50% last month.
“I think I will be right on this issue,” Draper told CNBC, adding, “I am either really right or really wrong. I’m pretty sure it will go in that direction.”
At the time of writing, the Bitcoin price is $39,000 (approximately 2.9 million rupees).
Draper’s timetable is more than a year away, and he said his prediction will be true because more people will start trading cryptocurrencies by then. “Give it about a year and a half, and retailers will use OpenNode (Bitcoin Payment Processor), so everyone will accept Bitcoin,” he said.
Currently, not many companies accept cryptocurrency payments directly or through third-party digital wallets. Draper’s forecast is also based on the potential growth in demand and more people will use them because there are only 21 million bitcoins available for “mining” in total. More than 18 million bitcoins are already in circulation.
The 63-year-old Draper is a veteran venture capitalist who accumulated wealth through early investments in Twitter, Skype, Tesla and SpaceX.
Talking about Dogecoin, which has been repeatedly supported by Tesla and SpaceX CEO Elon Musk, he said that it may have potential because “it makes us all laugh”, but the engineers did not study it, they were all focused In Bitcoin. At the time of writing, the price of Dogecoin in India is Rs. 23.7.
Last week, Bitcoin performed its first upgrade in four years. It will take effect in November and may improve transaction efficiency and provide greater privacy.
Draper said that he believes that Bitcoin, although Musk has also marked its large energy use, will become a major participant in all financial activities in the next two to three years.
“First of all, Elon is one of the smartest people in the world, maybe the smartest, [but] He got it wrong,” Draper said last week.