Bitcoin News

Bitcoin will soar to $250,000 in four years, says Tim Draper

Tim Draper, an American venture capital investor, predicted that bitcoin’s value would soar to $250,000 in four years, reported bitcoinmaagazine.com. His claims got widespread coverage as bitcoin is currently trading at a value of $8,100.

Founding partner in Draper Associates, Draper claimed at the Block (Chain) Party at Draper University on April 12, 2018, “I’m thinking $250,000 a bitcoin by 2022. The investor was spotted wearing a purple tie with gold bitcoins present upon it. He said, “Believe it. They’re going to think you’re crazy but believe it. It’s happening and it’s going to be awesome!”

In a tweet to defend his predictions, the next morning he wrote, “Oops! I predicted $250k in 2022. My tweet last night was missing a zero. $250k is the number!

Bitcoin has a long road ahead of reaching a $250k mark, which requires 30 times increase in price from what it is today. Even though it looks too good to be true, Draper’s predictions should be considered seriously as he has never been wrong about bitcoin.  He has also invested in another cryptocurrency named Tezos.

Draper is famous for his cryptocurrency investment of June 2014. He was able to win almost 30,000 bitcoins seized from the on-functioning Silk Road marketplace website conducted by the US Marshals auction. At the time of investment, a single bitcoin was valued around $600. Technically, Draper became the owner of $243 million according to price adjustment estimates.

In late 2014, when bitcoin was trading at $413, Draper predicted that bitcoins value would soar to $10,000 in three years, in an interview with Fox Business. He was able to successfully anticipate bitcoin’s value in 2015 when he claimed that buying bitcoin will cost $10,000 by the end of 2017. According to the speculation, the price of a single bitcoin crossed $10,000 mark and upsurged to a record $19,700 in another few weeks.

Even after bitcoin’s negative performance in the first quarter of 2018, Draper has not lost his belief in the digital currency. Governments around the world are trying to tame crypt growth and some of them have even put a complete ban on its usage. Digital currency is being accused of assisting money laundering, funding terrorism and being used as a tool to dupe investors.

As reported by Cointhud.com, Bitcoin has seen a sudden rise in its value by $1,000 satisfying Draper supporters. Many experts have come up in defense of bitcoin and have confirmed an inevitable bitcoin price rise. Backing up Draper, Rodrigo Marques, CEO Atlas Quantum, said, “Bitcoin deflationary characteristics are an indication that in the long run, the market is bullish. We believe the price could be set to go up and have the potential to reach December 2017 levels again.”

It should also be noted that predictions may fail and any investment made under the impression of high claims can lead to a huge loss. The digital currency space is a volatile market and has the ability to convert rags to riches and vice-versa.

About the author

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Prateek Kulhari

Prateek is a business editor who writes about various topics such as technology, health and finance. At Pressly, he works along with the colourful folks that build a nation through tech startups. He is also a professional football player and video games enthusiast.