Tim Draper: Bitcoin To Hit $250,000 By 2023

Draper is a well-known VC in the crypto industry, but he's also supported notable companies such as Tesla, SpaceX, Robinhood, Docusign, Ring, Skype, and Baidu.

Tim Draper, who spoke at this year's three-day Web Summit 2022 event, stated that he enjoys bear markets. During his conversation, the billionaire investor stated that the crypto winter is his favorite moment to be investing. 

He was asked a few years ago what he assumed the future price of Bitcoin (BTC) would be in four years, after correctly forecasting the crypto asset would surpass $10,000 per unit. In mid-April, the billionaire investor participated a Draper University party. He stated at the event that he believes BTC will reach $250,000 by 2022. "Serious winds of change at our blockchain party last night — I predicted $250K by 2022," Draper tweeted.

In June 2021, Draper decided to double down on his $250K forecast, and during a discussion a year later in June 2022, Draper told Scott Melker, aka the Wolf of All Streets, that by the end of this year or early next year BTC would strike his $250K target.

While talking at the Web Summit 2022 conference during the bear market, he stated that Bitcoin is largely protection against bad governance. While his $250K prediction remains true today, he has added a six-month extension to his forecast.

There is no reason to hold on to fiat currency.

Draper also stated that he believes women will be the primary demographic of retail investors, propelling Bitcoin's price to the $250K range. The remarks were similar to those he made during his interview with the Wolf of All Streets in June. 

He also stated that it is currently difficult to use Bitcoin for things like food, clothing, and shelter, but once retail spenders can use BTC, Draper believes there will be no reason to hold on to fiat currency. The venture capitalist also discussed stablecoins, noting that while they are a good bridge to Bitcoin, they are centralized and, in the end, are pointless in comparison.

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