Venture capitalist known for his early and bullish Bitcoin investments, Tim Draper, has revised his forecast for when the cryptocurrency will reach $250,000.
According to Famous Investor, Bitcoin Will Exceed $250,000 in 2025
While Draper initially predicted that this milestone will be reached by the end of 2022, current market conditions have pushed the timeline to 2025.
Bitcoin is trading at $30,400, which is far from Draper's ambitious price target, but the famous investor seems determined in his prediction.
In 2014, Draper bought 29,656 Bitcoins from the US Marshals auction for a staggering $18.7 million.
Draper's prediction of Bitcoin's potential was already evident; predicted a price of $10,000 within three years. Bitcoin surpassed this target in 2017.
Despite recent setbacks, including the tighter monetary policies of the Federal Reserve and a series of bankruptcies among major industry firms that shocked the crypto world last year, Draper remains positive on cryptocurrency.
Draper cites a number of factors that could contribute to Bitcoin's rise, including the increase in female investors, potential cost savings for retailers, and the Bitcoin halving event in 2024.
Draper believes that the underrepresentation of women in the Bitcoin market, who control 80% of individual spending, could be a major catalyst for Bitcoin's rise.
He also argues that retailers can save about 2% compared to dollars on every purchase made with Bitcoin, which could encourage more widespread adoption of the cryptocurrency.
*Not investment advice.