Tim Draper: Bitcoin will hit US$250,000 by mid-2023
More than 14 years have passed since this white paper was published and it defined the term "bitcoin" while the decentralized digital currency with the same name began to be used one year later. Right now, the iconic cryptocurrency that got very near to the US$70,000 threshold is below US$17,000. The 52-week low is US$15,480, while the highest value of the same period sits above US$52,000. However, venture capitalist Tim Draper thinks that a nearly 1,400% increase is possible in less than a year.
Back in 2018, Tim Draper predicted that Bitcoin would reach the quarter million mark by the end of 2022. Sadly, 2022 was far from a good year for the crypto market. This year, the market was on a descending trend and industry failures like the infamous demise of the FTX exchange did not help, either.
During the Web Summit tech conference that took place in Lisbon last month, Tim Draper adjusted his Bitcoin price prediction by a few months, pushing the month when Bitcoin would hit US$250,000 to June 2023. At the end of last week, the venture capitalist emailed CNBC and reiterated his prediction even in the aftermath of the aforementioned cryptocurrency exchange collapse.
The Bitcoin-related predictions that are reaching the public these days are reaching extreme figures. While Standard Chartered (quoted by Kitco News) came up with a surprise scenario involving gold priced at US$2,250 per ounce and Bitcoin at US$5,000, others are waiting to see it hit the US$1 million mark in less than a decade. Last month, Ark Invest analyst Cathie Wood rehashed her older forecast of US$1 million by 2030.
No matter what will happen, 2023 promises to be an interesting year for the crypto market. In the end, reality might turn out different than most ongoing predictions.
Disclaimer: The information reported here should not be used as a basis for any personal investment decision. Notebookcheck does not offer cryptocurrency, NFT, or other trading, investment, or financial advice.