Tim Draper extends his BTC price prediction by 6 months

Tim Draper said in April 2018, at the Draper University Blockchain Night, that he predicted: “$250K by 2022“. At this year’s Web Summit 2022 event, Draper said he had “prolonged“his prediction”six months“, as it now predicts that bitcoin will exploit this price range”by mid-2023.

Tim Draper says bitcoin will hit $250,000 by mid-2023.

Tim Draper spoke at the three-day Web Summit 2022 conference this year and explained that he is a fan of bear markets. The investor detailed during his discussion that crypto winter is the “the venture capitalist’s (VC) preferred time to invest.“Draper is a well-known VC in the crypto industry, but he has also backed top companies such as Tesla, Spacex, Robinhood, Docusign, Ring, Skype and Baidu.

A few years ago, Draper was asked what he thought the future price of bitcoin would be in four years, after he correctly predicted that the crypto asset would surpass $10,000 per unit. In mid-April, the billionaire attended a party hosted by his blockchain-centric Draper University. During this event, Draper explained that he believes BTC could reach $250,000 by 2022. On Twitter, Draper wrote: “Serious winds (of change) at our blockchain party last night – I predicted $250,000 by 2022.

In June 2021, Draper doubled his forecast to $250,000, and in an interview a year later, in June 2022, Draper told Scott Melker, aka the Wolf of All Streets, that “by the end of the year or the beginning of next year“. Bitcoin would reach its target of $250,000.

Amid this year’s bear market and speaking at the Web Summit 2022 conference, Draper said bitcoin is basically a hedge “against bad governance“. While the $250K prediction still rings true with Draper today, he added a six-month extension to his prediction. Drapper said:

By mid-2023, I expect bitcoin to hit $250,000.

No reason to cling to fiat currency

Draper also said he expects women to be the primary retail investor demographic that will help drive the price of bitcoin into the region of $250,000. This comment is similar to statements he made during his interview with the Wolf of All Streets last June. An increase in bitcoin demand will come from “retail expenses“, insisted Tim. Draper at the Web Summit 2022 event.

Draper also explained that right now it’s not easy to use bitcoins for things like “food, clothing and accommodation“. However, once retailers can use bitcoin, Draper is confident that “there will be no reason to keep fiat currency“. The venture capitalist also talked about stablecoins and noted that although they are a good “bridge to bitcoin“, they are centralized and, in the end, they make no sense in comparison.

Speaking of stablecoins, Draper mentioned the defunct Terra UST stablecoin and native blockchain token LUNA. Draper remarked to the interviewer that the concept of a stablecoin created by Terra was “poorly constructed”.

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