Crypto Bull Tim Draper Believes Bitcoin Will Reach A $250,000 Target

Crypto bull Tim Draper and popular venture capitalist, disclosed that it will not take much for the bitcoin price to reach a target of $250,000. In today’s altcoin news we are looking further in his prediction and what it is based on.

When he was speaking to Yahoo Finance, the crypto bull Tim Draper stated that the bitcoin price could reach $250,000 by 2022 but that also the targeted price could be reached in the first quarter of 2023:

”$250,000 by 2022, and I’m hedging a little… maybe Q1 2023. But I have the feeling… maybe Q1 2023, I’m going to go as far as that. But it will be $250,000 before that.’’

Regarding the recent price movements of Bitcoin and market dominance, Draper pointed out that he was surprised Bitcoin consolidated more than he thought he would. According to him, he expected that the Bitcoin dominance will fall even further and some of the other cryptocurrencies will take up the larger share. Draper said that dominance could be a consequence of the fact that Bitcoin is decentralized while many of the other cryptocurrencies in the space are not. Currently, the BTC dominance is at 69.4 percent which is an increase of more than 20 percent since April.

The venture capitalist also pointed out the dilemma that exists between only holding Bitcoin now when it is viewed as a safe haven asset or just using it for day-to-day transactions due to the opportunity costs. After revealing that he is the client of the newly opened New York boxing Gym that he invested in using Bitcoin, Draper said that he was a little ‘’reticent’’ do to it. This is mainly because of the potential of the bitcoin price to increase dramatically in the future and also because it starts becoming more widely accepted as a safe  haven asset.

As noted in the latest cryptocurrency news, the Bitcoin bull first projected that the number one cryptocurrency will hit $250,000 last year after it hit a record high months in the past. There are some other crypto bulls that are making similar predictions mainly because of the same reasons Draper laid out. Back a couple of years ago, the venture capitalist projected that Bitcoin will reach $10,000 by the end of 2017 and at the time he made the prediction, Bitcoin was only trading at $500.