Why This Billionaire Venture Capitalist Believes Bitcoin Will Surge to $250,000 This Year

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2022 has been a tough year for the broader crypto market. Bitcoin, the world’s largest cryptocurrency, suffered a price drop of over 60%, while the market lost over $1.3 trillion in value.

This decline means that investors have seen the value of their portfolios plummet. Some individual investors have lost almost all of their money.

The previous year left significant bruises on crypto investors and supporters, but despite the pessimism and bleak forecasts for BTC, there are still optimists.

Billionaire Says Bitcoin Will Hit $250,000

Tim Draper, a billionaire venture capitalist and bitcoin investor who has long been positive about the rise of the alpha crypto, stands by his forecast that the cryptocurrency will hit $250,000 this year.

Draper is a long-time believer in Bitcoin and was an early cryptocurrency investor. In 2014, he paid $19 million for around 30,000 BTC seized from the dark web market Silk Road and auctioned off by the United States Marshals Service.

Billionaire venture capitalist Tim Draper. Image: The Street/Getty Images

In 2018, when one BTC was selling for around $8,000, tech mogul Draper announced his bold Bitcoin price prediction of $250,000.

The 63-year-old investor said at the time:

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

Even with the bankruptcy of the FTX cryptocurrency exchange, the venture capitalist remains confident that the crypto will hit the $250,000 mark.

On crypto and the power of women

As of this writing, BTC is trading at $16,836, down 0.8% over the past seven days, according to data from Coingecko.

Draper says Bitcoin can help individuals improve their financial independence by connecting those without bank accounts to the global economy.

The Bitcoin bull has always claimed that women would be able to propel Bitcoin past the 2023 threshold.

My guess is that since women control 80% of retail spending and only one in seven BTC wallets are currently held by women, the dam is about to burst, Draper revealed via email to CNBC .

Draper, who amassed his fortune through his early investments in Skype, Twitter, Tesla and SpaceX, declined to reveal how much BTC he has or whether he has invested in other cryptocurrencies.

BTC Total Market Cap at $323 Billion on Daily Chart | Chart: TradingView.com

Meanwhile, Bitcoin pundits and entrepreneurs have provided widely varying predictions for the future of the cryptocurrency over the past few weeks, with little clarity among analysts.

Erik Voorhees, founder and CEO of ShapeShift. Picture: Crypto Times

During a Monday interview with Bankless, Erik Voorhees, founder and CEO of cryptocurrency exchange ShapeShift, is optimistic about a future price recovery for BTC.

He said he wouldn’t be surprised if Bitcoin hits $40,000 by the summer of this year.

– Featured Image: Forbes

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