Renowned venture capitalist Tim Draper has revised his target for the Bitcoin price to reach $250,000 by 2025, citing unexpected hurdles caused by regulatory measures implemented by the US government.
Tim Draper announced his new views on BTC on the Bloomberg program he attended today. Estimating that BTC will be $ 250,000 in 2025, Draper postponed this prediction by two years.
Draper, a strong advocate of Bitcoin and blockchain technology, expressed his disappointment with the aggressive stance of the US bureaucracy towards cryptocurrencies in an interview with Bloomberg.
Draper stated that his previous prediction, which he made when the BTC price was $ 4,000, seemed achievable at the time. However, he stated that with Bitcoin's rise to $30,000, he did not anticipate the regulatory hurdles that hinder its progress. Draper expressed hope that at the time, US officials would recognize the need for global competitiveness and foster an environment conducive to entrepreneurial growth.
Despite the setbacks, Draper said that he maintains his belief that Bitcoin will be permanent.
Draper praised BTC's values and its potential to revolutionize financial transactions. Draper eagerly awaits a future where funds are raised, investments are made, employee salaries and supplier payments are made, and even taxes are paid in Bitcoin.
Draper acknowledged that his timeline for these developments may have been overly optimistic.
When asked about the widespread rhetoric that Bitcoin's primary use case is now a store of value similar to digital gold, Draper offered a counter-argument. He highlighted the Lightning Network, a layer 2 scaling solution built on top of the BTC blockchain, as a way to address Bitcoin's shortcomings.
Draper emphasized that the Lightning Network allows thousands of transactions per second with minimal energy consumption.
*Not investment advice.