The well-known venture capital investor Tim Draper is out with another incredible Bitcoin price prediction. This comes as the price of Bitcoin is inching closer to the $12,000 line. However, Draper believes Bitcoin’s price could balloon more than twentyfold until 2023.
Bitcoin will reach a $250,000 price during Q1 of 2023
Specifically, this news came during a recent interview with Yahoo Finance. During the interview, Draper – who is known for his bullish Bitcoin statements – said Bitcoin will reach a price of $250,000 by 2023.
However, Draper went on to note that although he firmly believes this will become reality, current trends may get in the way. The increasing consolidation in the Bitcoin market may delay Bitcoin’s rise to $250,000, according to Draper.
“It’s consolidated more than I thought it would […] I thought there would be many more competitors at this point that were really relevant, but people have consolidated towards Bitcoin because it’s decentralized.”
In fact, Draper went on to “hedge his bets”. He did so noting that he believes Bitcoin will hit the $250,000 mark by 2022. However, he seems to recognize this is possibly too optimistic, in saying “$250,000 by 2022, and I’m hedging a little, maybe Q1 2023.”
Draper has been accurate before, to analysts’ surprise
Specifically, the consolidation which is casting doubt on Draper’s prediction has seen wider action this week. This comes amid fears over a looming recession. Moreover, escalating trade tensions and turmoil in China are also all coming to a head. Nevertheless, Draper insisted that Bitcoin would be able to hit a $250,000 price before the end of 2023.
These predictions seem fanciful, at least according to crypto detractors. The prediction of a $250,000 Bitcoin price by 2023 is certainly aggressive. With that said, it should be noted that Draper has been correct in judging against the odds before.
Several commentators note that Tim Draper’s previous prediction that Bitcoin would hit $10,000 by 2017 has shown to be correct. In fact, the premier cryptocurrency reached a price of around $19,900 during 2017.
Moreover, other commentators have also raised other bullish statistics in support of Draper’s prediction. One commentator said that Bitcoin has “barely maintained $12k”. This was met with another commentator noting that Bitcoin has “been profitable 3816 days out of a total of 3869 days”, or 98.63% of the currency’s existence.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.