Tim Draper has reiterated that Bitcoin price will be in six digits next year. In 2014, he predicted BTC would hit $10,000 in three years.
July 19, 2021, | AtoZ Markets – In a recent interview, Venture Capitalist Tim Draper said he expects Bitcoin at $250,000 by the end of 2022 or early 2023, despite a correction and a steady decline over the past few months. He first shared his Bitcoin prediction at the end of 2019, and then repeated it in June.
May's price crash was triggered by a combination of circumstances, including news that Tesla will not accept payments for cars in bitcoins, and China intends to take on local miners. However, by that time, bitcoin was already losing in value, correcting from historical highs. In April, the rate of the first cryptocurrency reached a historic peak at $64,804.
However, Bitcoin never managed to get back to the maximum. For several weeks now, the cryptocurrency has been consolidating in the range of $30,000 - $35,000. At the time of this writing, one bitcoin can be bought for $31,849.
Previously, Draper gave correct predictions for the price of bitcoin. For example, in 2014, he predicted that the cryptocurrency would hit the $10,000 mark within three years. In early 2018, BTC reached $13,000.
In addition, he stated that short-term investments in BTC are dangerous and called this practice "a serious mistake."
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Draper has been supporting BTC for a long time
Draper's interest in Bitcoin (BTC) is not only due to its potential as an investment asset. He believes that in the long term, Bitcoin and cryptocurrencies in general will benefit people all over the world.
“People all over the world will benefit from using Bitcoin because they don't have to pay banks 2-4% every time they pay with a credit card. Families benefit if workers can send money to their loved ones abroad without hindrance. Entrepreneurs in countries like Nigeria and Argentina will benefit because they can store capital in a reliable currency," he noted.
Draper defended BTC after Elon Musk decided to abolish payments for Tesla cars in cryptocurrency. He referred to the Bitcoin environmental rally.
Draper responded by asking how much carbon dioxide is emitted into the atmosphere by the current banking system. In his tweet, he suggested that Musk refuse to pay in fiat at the same time for the same reasons.
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