HomeCryptoBitcoinBitcoin price prediction: according to Tim Draper it will reach $250k

Bitcoin price prediction: according to Tim Draper it will reach $250k

According to billionaire Tim Draper‘s prediction, Bitcoin’s price will reach insane figures. 

During the Web Summit 2022 event, the founder of Draper Fisher Jurvetson (DFJ), extended his prediction by six months, stating that he thinks Bitcoin (BTC) will reach a price of 250k per unit by mid-2023. While this sounds like a very bold prediction, to say so is someone who has made a lot of money in the industry and has made his mark as a major investor in the sector.

Tim Draper: Bitcoin price prediction at $250k by 2023

Despite the bear market, Tim Draper seems to really stand by his statements. Not only did he forecast Bitcoin at the exorbitant price of $250,000 per unit, but he further stated that Bitcoin is the real insurance against the bad government economy:

“We’re seeing inflation, they’re fighting it, we’re also seeing bad policy and governance of the economy. And Bitcoin is an insurance policy precisely against bad governance, and there seems to be a lot of that right now.”

Without a doubt, venture capitalist Tim Draper is one of Bitcoin’s biggest supporters, appreciates its freedom and has full faith in cryptocurrency:

“Bitcoin creates a freer world, a world with more trust. It’s an honest currency: it’s not tied to banks, it’s not tied to governments. And it’s decentralized.”

Tim Draper’s prediction: women will drive Bitcoin’s price up

A really important statement from Tim Draper, who ends up surprising the audience at Web Summit 2022 in his Draper University with his latest statement: it will be women who will make Bitcoin reach $250k:

“It will be women who will take Bitcoin to $250,000. And the reason is that women control about 80 percent of retail spending, and you can’t buy food, clothes and rent houses in Bitcoin yet — when that becomes possible, there will be no reason to still have fiat currencies, and there will be a kind of rush to the banks.”

This is the statement of the CEO of Draper Fisher Jurvetson, linking retail sales to Bitcoin, explaining precisely that the best use for Bitcoin will be to buy food, clothing and shelter as soon as it is allowed.  

It’s a statement that gives hope for Bitcoin investors, who have seen the crypto drop by no small amount in the last while. 

Tim Draper poking Ethereum

“Ethereum is quite centralized. And they keep printing some. It doesn’t work as well as Bitcoin, where there are only 21 million.”

Draper’s poke at Ethereum sounds like that of an avid fan of the Bitcoin team, even though the venture capitalist may have forgotten about the Merge and Ethereum’s transformation into a deflationary ecosystem. 

As a matter of fact, with the shift to Proof of Stake, the Ethereum ecosystem not only became much greener, but also enhanced the burning mechanism. 

That is, the amount of Ether produced by the system would be less than the amount burned by the mechanism introduced with the London Upgrade. Everyone can check in real-time to see if, how, and when this is happening.

Perhaps for this statement, Tim Draper was found unprepared.