Tim Draper Predicts Bitcoin Will Reach $250,000 In 2023

According to CNBC, Tim Draper, a venture capitalist, believes that bitcoin will reach $250,000 per coin by the middle of 2023, despite the cryptocurrency suffering through a difficult year that was characterized by industrial failures and falling prices.

At the Web Summit technology conference in Lisbon in early November, Draper said it would take until June 2023 for BTC to reach its previous prediction of crossing the $250,000 mark. However, he reaffirmed when being asked how he felt about his price call following the collapse of FTX, and Draper is convinced that BTC is set to rise in the new year.

In 2014, Draper paid $18.7 million to buy 29,656 BTC that U.S. Marshals had seized from the Silk Road dark web marketplace. He forecasted that in the following three years, the price of bitcoin would reach $10,000. In 2017, BTC continued to rise, nearly reaching $20,000.

Interestingly, Draper’s rationale for bitcoin’s breakout next year is that there remains a massive untapped demographic for bitcoin: women.

My assumption is that, since women control 80% of retail spending and only 1 in 7 bitcoin wallets are currently held by women, the dam is about to break

Draper said

Additionally, according to Draper, the upcoming “BTC halving” in 2024, which will reduce the BTC rewards given to miners, will increase the value of the cryptocurrency by gradually reducing the supply. There will only ever be 21 million BTC produced in total.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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