HomeCryptoBitcoinTim Draper's predictions regarding Bitcoin's price: it can still reach $250,000

Tim Draper’s predictions regarding Bitcoin’s price: it can still reach $250,000

Tim Draper, the billionaire investor, recently expressed his opinion regarding the price prediction of the crypto Bitcoin

Specifically, he argues that it may still reach $250,000, although two years later than previously thought. 

In fact, Draper predicted that crypto would reach that figure as early as June 2023, and he has now admitted that he did not expect all the recent regulatory restrictions from the United States. 

Below are all the details.

Draper: Bitcoin’s price predictions are still optimistic 

As anticipated, despite the erroneous predictions of Tim Draper, the billionaire investor and venture capitalist, who said that Bitcoin (BTC) would reach $250,000 by June 2023, he still maintains that this will happen in the future, perhaps by 2025.

In an interview with Bloomberg TV on Tuesday, Draper admitted the following: 

β€œI honestly didn’t expect the US bureaucracy to be so aggressive and I thought they would recognize the possibility to compete with the rest of the world.”

He also said that the Security and Exchange Commission’s (SEC) recent enforcement actions against cryptocurrency companies, such as Coinbase and Binance, have prompted entrepreneurs to leave the United States, causing a negative impact on the price of Bitcoin.

However, this does not change the fact that Bitcoin and its underlying technology are still of great value, according to Draper. 

“Bitcoin is great as a system, as a currency and as a way of operating”

Recently, Draper reinforced his opinion not only regarding Bitcoin’s price predictions, but also about the currency as a technology and use case in the future, stating the following: 

β€œIt’s a great system, it’s a great currency, it’s a great way to operate. I look forward to being able to raise an all bitcoin fund, invest it all in bitcoin, have my portfolio companies pay all their employees and vendors in bitcoin and have taxes all paid in bitcoin, and have the waterfall all fall into people’s bitcoin wallets.

Because then there’s no accounting, there’s no auditing, there’s no accounting, it’s all done on the blockchain. It’s all honest and it’s all direct.”

Not surprisingly, Draper was one of the pioneers in supporting cryptocurrencies. In fact, he realized the importance of bitcoin in 2013, after the notorious collapse of the Mt. Gox cryptocurrency exchange, as he said in an interview in 2014, in which he revealed that he bought 30,000 Bitcoin after that incident.

Since then, he has become a major investor in cryptocurrency and related projects, leading numerous funding rounds for startups in this field.

In 2018, Draper made a bold prediction, claiming that Bitcoin would reach $250,000 by June 2023, and to date he has held true to that prediction, despite the recent bear market.

In fact, in a tweet by Draper dated 30 June, the following can be read: 

Draper Goren Holm raises $25 million for Blockchain Venture Fund

Recently, Draper Goren Holm, the investment office of venture capitalist Tim Draper, increased its investments in startups exclusively in the cryptocurrency sector. 

In fact, Los Angeles-based investment firm Draper Goren Holm announced to CoinDesk that it has raised $25 million for its first venture capital fund, which aims to support startups in the blockchain sector with higher investment valuations.

The venture capital fund intends to invest sums between $250,000 and $500,000 in initial funding rounds, series A and other subsequent rounds, as stated by the company. 

At the same time, the company’s accelerator will fund pre-initial funding rounds with between $10,000 and $50,000, acquiring an ownership stake ranging from 4% to 10% in startups.

Draper Goren Holm, who added Tim Draper to his partnership last year, has made investments in several companies including CasperLabs, a blockchain that follows the Ethereum model; Vertalo, a Tezos-based security token issuer; and Tezos Stablecoin Technologies, a subsidiary of the Tezos Foundation that develops stablecoins, which are digital currencies pegged to fiat currencies.

Meanwhile, Forge, a division of French investment bank Societe Generale, has chosen Tezos as its platform to test the issuance of central bank digital currencies (CBDCs) and digital securities, starting in September.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.