Draper Stands by BTC Price Predictions Despite Recent Performance

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In Brief
  • Tim Draper still believes BTC should hit the $250K mark by the end of 2022 or start of 2023.

  • BTC's prices have failed to recover from May correction, consistently remaining at $30-35K since.

  • Draper correctly predicted BTC price milestone in 2014, saying it would hit $10K within three years.

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Venture capitalist Tim Draper has revealed he stands by his previous predictions for a six-figure value for bitcoin (BTC) in the next year or so.

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In a recent interview, the investor stated he still expects the world’s most valuable cryptocurrency to hit heights of $250,000 by the end of 2022 or early 2023. A prediction he made back in June. This is in spite of BTC’s notorious price decline over the last few months.

Various factors appeared to contribute to the severe price crash occurring in May, which saw BTC’s value, already on a steady decline by then, topple considerably. It had previously celebrated an all-time high of $64,804 back in April. However, since the crash, BTC’s prices have yet to clamber anywhere close to that previous ATH. At the time of press, the value remained firmly and consistently in between the $30,000 and $35,000 range. BTC’s exact price was $31,849 at time of writing, according to data.

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However, Draper has made correct predictions regarding BTC before. For example, his 2014 prediction that the cryptocurrency would reach the $10,000 mark in the following three years. BTC hit $13,000 at the start of 2018. 

In addition, he has spoken out about the dangers of short-term BTC investing, referring to the practice as “a grave mistake.”

Draper’s past support for BTC

Mr Draper’s interest in BTC does not just stem from its potential to turn over large profits. He has also looked at the bigger picture in terms of how BTC and its fellow cryptocurrencies can benefit people across the world. In a recent interview with BeInCrypto, he explained:

“People everywhere will benefit from bitcoin because they will not have to pay the banks 2-4% every time they swipe their credit cards. Families will benefit when workers can frictionlessly send money to their families overseas.

“Entrepreneurs in places like Nigeria and Argentina will benefit because they will be able to store value in a trusted currency.”

Prior to the May 19 price correction, Draper also came to BTC’s defense amid Elon Musk’s decision to withdraw the cryptocurrency as a payment option at Tesla. Musk suspended BTC payments on the grounds of environmental impact.

In response, Draper referred to the amount of energy and carbon dioxide emissions involved in the current banking system. His tweet also sarcastically suggested that Musk should also not accept fiat currencies on the same grounds.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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