Why This Billionaire Venture Capitalist Believes Bitcoin Will Climb To $250,000 This Year

The 12 months 2022 was a troublesome one for the broader crypto market. Bitcoin, the most important cryptocurrency on the earth, suffered greater than 60% in value decline, whereas the market misplaced greater than $1.3 trillion in worth.

This drop implies that traders have seen the worth of their portfolios go down the drain. Some particular person traders have misplaced almost all of their cash.

The earlier 12 months left vital bruises on crypto traders and proponents alike, however regardless of the pessimism and bleak forecasts for BTC, there are nonetheless some optimists.

Billionaire Says Bitcoin Will Hit $250K

Tim Draper, a billionaire enterprise capitalist and bitcoin investor who has lengthy been constructive in regards to the alpha crypto’s ascent, maintains his forecast that the cryptocurrency will attain $250,000 this 12 months.

Draper is a longtime believer of Bitcoin and was one of many first traders within the cryptocurrency. In 2014, he paid $19 million for roughly 30,000 BTC seized from the darkish internet market Silk Road and bought at public sale by the United States Marshals Service.

Billionaire enterprise capitalist Tim Draper. Image: TheAvenue/Getty Images

In 2018, when one BTC was promoting for about $8,000, tech mogul Draper introduced his audacious $250,000 Bitcoin value prognosis.

The 63-year-old investor acknowledged on the time:

“I’m either going to be really right or really wrong, but I’m positive it’s moving in that direction.”

Even with the chapter of the cryptocurrency change FTX, the enterprise capitalist stays assured the crypto will attain the $250,000 mark.

On Crypto & Women Power

As of this writing, BTC is buying and selling at $16,836, 0.8% within the final seven days, information from Coingecko exhibits.

Draper says Bitcoin might help people improve their monetary independence by connecting these with out financial institution accounts into the worldwide economic system.

The Bitcoin bull has constantly asserted that girls will be capable of propel Bitcoin previous the 2023 threshold.

“My assumption is that since women control 80% of retail spending, and only one in seven BTC wallets are currently held by women that the dam is about to break,” Draper disclosed through electronic mail to CNBC.

Draper, who amassed his fortune from early investments in Skype, Twitter, Tesla, and SpaceX, refused to disclose the quantity of BTC he possesses or if he has invested in different cryptocurrencies.

BTC complete market cap at $323 billion on the day by day chart | Chart: TradingView.com

Meanwhile, Bitcoin specialists and entrepreneurs have offered broadly various forecasts for the way forward for the cryptocurrency in current weeks, with little readability amongst analysts.

 Erik Voorhees, ShapeShift founder and CEO. Image: Crypto Times

During a Monday interview with Bankless, Erik Voorhees, founder and CEO of cryptocurrency change ShapeShift, is upbeat a few future value restoration for BTC.

He stated he “wouldn’t be surprised” if Bitcoin hit “like $40K” by the summer time this 12 months.

-Featured Image: Forbes