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Tim Draper Reaffirms His $250K BTC Prediction

tim draper

Tim Draper, a famous venture capitalist, has recently confirmed via Virtual Blockchain Week that he will stick to his prediction of Bitcoin (BTC), reaching six figures.

Boons From Loss of USD Value

It was back in 2018 when Draper made the original statement. He made a public estimate that Bitcoin would reach $250,000 by the end of 2022 or 2023, and has doubled down on this as of today.  He stated that he was “very confident” in the event happening in his recent interview, pointing out that he was so sure it was mildly funny to him.

Draper cited a range of significant factors that he believed would drive this price action into that range. The first considerable factor that Draper believes will drive BTC up, is the massive stimulus package that the US government has pushed out. This, in turn, will debase the value of the USD as a whole, and have people move to crypto in a bid to use a more stable currency.

Commercial Integration For Money Saving

Another critical factor, according to Draper, is this mainstream integration of crypto with have major commercial platforms adopt things like Bitcoin within the same timeframe. He explained that he is convinced that retailers would opt out of the banking fees typically associated with banks, even if this would be anything between 2.5 and 4 US cents per card swipe.

Of course, Draper is convinced that a company going by OpenNode could help facilitate this shift, a company he invested $1.25 million into. As it stands now, OpenNode is building a payment gateway for Bitcoin, doing so on the Lightning Network. True to its name, the Lightning Network is known for the extreme speed that BTC transactions get settled on, making it the perfect platform for the speedy payments needed for mainstream integration.

A Bet’s A Bet

Draper is convinced that, in time, these services will provide a competitive edge over conventional payment methods, such as credit cards. Once this happens, these payment platforms will steal market shares from them. This would, in turn, mirror what happened with Visa and Mastercard when they started to take market shares away from American Express.

Furthermore, Draper jokingly promised that he would eat a raw egg if his predictions proved false, harkening to a similar promise made by John McAfee, although McAfee’s stunt was far more savage. McAfee himself opted out of the bet in a large display of backpedaling, however. Draper, it seems, might just do it if he’s wrong since he didn’t make any bold statements of eating genitalia.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.