Venture capitalist Tim Draper recounted his Bitcoin (BTC) history, renewing his call for a $250,000 price target.
The billionaire said his BTC journey began with a failed attempt to buy at $4 per coin. He had arranged for Peter Vessenes to mine Bitcoin using Butterfly Labs chips. However, the manufacturer allegedly used the chips for its own mining before shipping them.
A Series of Losses Led to a Defining Bet
By the time Vessenes received the equipment, BTC had already climbed above $30. The mined coins were stored on Mt. Gox, the dominant exchange at the time.
When Mt. Gox collapsed in 2014, Draper lost his entire position.
The loss prompted deeper research. Draper found that BTC was being used for remittances and paying unbanked workers. That conviction led him to the US Marshals Service auction in July 2014. He bid $632 per BTC and won all nine lots, totaling roughly 29,656 coins.
He then appeared on Fox Business and predicted BTC would hit $10,000 in three years.
That forecast proved accurate almost to the day in November 2017.
Draper Eyes $250,000 Within 18 Months
Draper now suggests BTC could reach $250,000 within 18 months. He cited inflationary pressures and a weakening dollar as tailwinds.
“I have reason to believe that Bitcoin will reach $250k in 18 months… and eventually I expect the number to be higher as Bitcoin rises and the dollar falls to inflationary pressures,” he wrote in his latest post.
However, it is worth noting that Draper has issued a Bitcoin price target of $250,000 in the past, yet BTC has gotten nowhere close in six years.
BTC traded near $74,205 at the time of writing. Other prominent voices, including Cardano founder Charles Hoskinson, have also targeted $250,000. That level remains more than three times the current price.
