Draper Behind His Ambitious Bitcoin Price Prediction

Speaking at the Web Summit held in Portugal, Tim Draper predicted that the largest cryptocurrency, Bitcoin, could reach $250,000 by January.

Draper continues to believe that women can push the leading cryptocurrency Bitcoin to this price level. The venture capitalist, who was an early backer of companies like Hotmail and Skype, predicted that female Bitcoiners could significantly expand the user base of the largest cryptocurrency. According to research conducted by New York Life Investment Management, women control 51% of the wealth in the United States.

Draper purchased 30,000 Bitcoins from the now-defunct Silk Road darknet market in 2014. At the time, he correctly predicted that the price of the world’s largest cryptocurrency would exceed $10,000 in three years. Bitcoin came close to hitting $20,000 in late 2017. Draper has predicted for years that Bitcoin will reach $250,000 by 2023. To reach this target, the top cryptocurrency needs to rise 1.09%. It is unlikely that the top cryptocurrency will even reach the above-mentioned price level in the next six months. Bitcoin is currently trading just above the $21,000 level after hitting $69,000 last November. But Draper says bear markets don’t worry him.