Investor Tim Draper believes that Bitcoin will reach $250,000 by the end of 2022. He even dismissed Elon Musk for being 'hostile' to Bitcoin.
The billionaire man said that he will stick to his initial prediction that Bitcoin will reach $250,000 in late 2022 or early 2023, even though the cryptocurrency giant has fallen a lot in recent months.
Draper has been investing in Bitcoin for a long time and he is convinced that the world's largest cryptocurrency is headed in that direction. Draper has been making Bitcoin price predictions since 2018 when Bitcoin was trading at USD 8 thousand
"I think I'm going to be right about this," Draper told CNBC.
Draper also based his prediction on the potential for demand to increase with more people using it as only 21 million Bitcoins are available to be 'mined' in total and more than 18 million Bitcoins are already in circulation.
Draper also highlighted Elon Musk's opinion that has lured Bitcoin. Elon Musk is known not to support Bitcoin due to its enormous energy consumption. This however confirms that Bitcoin will be a major player in all financial activities in the next two to three decades.
"Elon, first of all, is one of the most brilliant men in the world, maybe the most brilliant, (but) he's wrong about this," Draper said last week.
The gravity of Bitcoin's value is in the world's discussion. Currently, not many companies accept payments in cryptocurrency directly or through third-party digital wallets.
Bitcoin lost most of its value in the recent market crash after being heavily criticized for its increased use of fossil fuels and China's crackdown on their trade. While Bitcoin experienced a meteoric rise this year, it reached an all-time high of nearly USD 65,000 before losing more than 50% of its value. This was reported by Gadgets 360.
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