Tim Draper, a famous cryptocurrency billionaire and investor, appeared in a YouTube interview recently and made a very bullish prediction — Bitcoin (BTC) will hit $250,000 in 2023.
It’s no surprise that Tim Draper, one of the most vocal supporters of Bitcoin, is bullish on its long-term prospects.
The crypto billionaire told @cryptowendy0 in a YouTube interview that he firmly believes Bitcoin will be worth $250,000 in 2023. He previously said that this would occur in 2022, but has since pushed back his prediction by a year due to the bearish market conditions.
Part of his reasoning is based on declining transaction fees. He believes that the technology will be in place by 2023 to significantly reduce the cost per transaction — thus making it extremely affordable.
Draper underscores the fact that, even with Bitcoin being $250,000, it would still only represent five percent of the market share of all currencies in the world today. “So, I can see why people who are real believers are holding on,” he told @cryptowendy0.
Draper is also a firm believer that Bitcoin will someday replace gold. Gold, he says, “is so gone,” outdated, and is at least “10 generations behind” based on the technology we have today. In fact, Draper goes as far as arguing that gold is not even an accessible store of value anymore.
However, Bitcoin has a long way to go before it can even come close to touching the market capitalization of gold. Currently, the world’s gold is worth some $7T. Bitcoin, as of now, only stands at $90B capitalization. The good news is that, if you’re Bitcoin maximalist like Draper, Bitcoin has that much more room to grow.
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Images courtesy of YouTube.