Tim Draper, the famed billionaire investor WOW the crypto market with some new Bitcoin price predictions. Mr Draper claims that a $250,000 Bitcoin price is very conservative. He predicts Bitcoin will definitely reach $250k by 2023. That more than 25-fold growth for the popular coin.
Draper, the venture capitalist who made his fortune from traditional investments said he vastly underestimated with his Bitcoin price prediction back in 2018 when he predicted $250,000. BTC was trading at only $5,000 at the time.
Bitcoin is currently trading at $10,246.24. That’s more a little less than 50% of the $20,000 it was trading December 2017.
During the interview with Blocktv; a crypto news show, Mr Draper stated that his previous Bitcoin price predictions had materialized and that his new prediction could very well fall bitcoin’s long term value.
“$250,000 means that bitcoin would then have about a 5 per cent market share of the currency world and I think that may be understating the power of bitcoin.”
“As it becomes easier for people to use… they’re going to make the decision that they like bitcoin better than any fiat because they know that their fiat will depreciate in value.”
Mr Draper is known for amassing a small fortune by investing in companies such Skype, Tesla and Twitch when they were startups. He is not aggressively investing a great percentage of his wealth in Bitcoin and crypto assets.
Draper purchased 30,000 bitcoins back in 2014 from the US Marshals when they were put up for auction after they were seized from ‘criminals.’ The stash worth a mere $21 million at the time. It has since grown to $300 million.
Nigel Green, DeVere Group’s CEO; the financial consultancy firm claims that BTC market price will soon get a huge boost from the US Federal Reserve, with an interest rate cut around expected within days. The cut is project to be around quarter of a percent.
Green told The Independent news site,
“Bitcoin is likely to break out of its recent sideways trading pattern and be given a healthy boost by the Fed’s rate cut.”
This is because an interest rate cut reduces the incentive to keep the fiat currency. In addition, rate cuts typically lead to higher inflation, which reduces the purchasing power of traditional currencies, therefore making cryptocurrencies more attractive.
A number of prominent analysts and famous investors have made Bitcoin price predictions ranging from $1 million to worthless ($0). Mr Green predicted back in August that BTC price would reach $15,000 as investors start using the crypto coin as a “flight-to safety” currency when traditional markets becomes uncertain. The website nowfuturetech suggests your hodl your crypto assets for the long run.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.