As Bitcoin Ascends, Tim Draper Stays Fastened To His Six-Figure Price Prediction
By Olivia Brooke – February 21, 2021
Venture Capitalist Tim Draper has made a bullish Bitcoin prediction stating that the leading digital asset could increase 5x by the end of next year. $250,000, a price level that will require Bitcoin bulls to remain on standby for most of this year and next year is precisely what the Billionaire forecasted.
“$250k by end of 2022. Just 5x from here. Looking a lot more likely than when I made the initial predication three years ago, eh?”
In 2019, as at when Bitcoin bulls were in a downtrend after hitting a year-to-date high of $13,000, the Bitcoin investor who has been quite consistent with his predictions over the years reassured the market that the cheapness and swiftness of small Bitcoin transfers made possible by the Bitcoin lightning network would be responsible for Bitcoin’s next bull run.
“It’s because of Lightning Network and OpenNode and maybe others that are allowing us to spend bitcoin very freely and quickly, so that it’s not just a store of value but it can be used for micro-payments; it can be used for retail, it can be used all over.”
Similarly, the CEO of Binance echoed Tim’s views saying that the industry is bound to expand when assets go up in value. “If you look at the fundamental technology and a longer-term view, across a five-year or ten-year horizon, we’re very confident the industry will get bigger and when the industry gets bigger the prices will go higher,” he said. Adding that “If you look at the short-term view, bitcoin and cryptocurrency is a smaller market cap instrument so there will be higher volatility,”
The billionaire whose influence in the market stems from his Bitcoin purchase made at a Bitcoin auction in 2014 when he bought 30,000 BTC for a price of $632 had called his $250,000 BTC prediction “conservative.” In December last year, Tim said that Bitcoin would make a 10x surge at the end of 2022 or at the start of 2023.
Tim also seems to enjoy alternating between different digital currencies. Refusing to put all his eggs in a single basket, he revealed that he held smaller quantities of altcoins, and even went as far as making bullish predictions for Ripple XRP’s price. With the lawsuits filed against the firm, it remains to be seen if the altcoin will meet market predictions.
Many analysts have forecasted a price mark of over $100,000 for Bitcoin. Interestingly, the predictions are in tandem with on-chain indicators. As of last year, these metrics which include the stock-to-flow model pointed at $100,000 as a minimum price for Bitcoin at the close of 2021.
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
Article reposted on Markethive by Jeffrey Sloe