Bitcoin
Bitcoin to $250K – Tim Draper’s bold price prediction
American investor Tim Draper is long on Bitcoin as he reaffirms his prediction despite rising skepticism.
- VC Tim Draper predicts $250K per BTC by the end of 2024.
- Draper cites the changing political scene and halving event, but Arthur Hayes disagrees.
American venture capitalist (VC) investor Tim Draper expects a 3.5X rise for Bitcoin [BTC] by the end of the year. In a recent interview, the VC predicted that Bitcoin could hit $250K by the end of 2024.
“Maybe by the end of this year, if I had to predict, $250K by the end of this year. It is looking pretty good.”
This projection implies a significant 3.5X increase from the current price of around $70K, underscoring BTC’s potential upside.
The VC had earlier predicted the same target for BTC by Q1 2023. But the prediction didn’t come true. However, his 2014 prediction of BTC hitting $10K in 3 years was confirmed.
Politics, macro and Bitcoin price predictions
When asked why his $250K per BTC by Q1 2023 didn’t happen, Draper quipped,
“I was a little too optimistic. I didn’t expect all the resistance from bureaucrats in a free country. I expected a free country to be a free country and allow the markets to decide what would happen up there.”
Draper added, “Great leaders are the ones that trust people and set them free. And the weak leaders are the ones who try to control everybody with their fiat currency.” He noted that great leaders were coming up right now.
On the upcoming halving event, the VC was quite optimistic as he said,
“If you’re an investor in the stock market, they say don’t bet against the Fed. If you’re a Bitcoin buyer, don’t bet against the halving.”
He emphasized that the supply shock post-halving could further rally the BTC price.
On a different note, however, BitMEX founder Arthur Hayes forecasted the halving as a sell-the-news event, citing an expected liquidity crunch around mid-April.
“Given that the halving occurs at a time when dollar liquidity is tighter than usual, it will add propellant to a raging firesale of crypto assets.”
Meanwhile, BTC extended its short-term price consolidation around the previous cycle high.
It was constrained between $68.3K and $71.5K, with only a few days to the halving. The market indecision shows more players are taking a sideline as the halving approaches.
