Bitcoin is known for its price volatility and in recent times, the cryptocurrency has witnessed more surges than jumps, especially after Tesla put a hold on accepting it as a means of exchange for its electric vehicles.
Bitcoin investor and billionaire venture capitalist Tim Draper, while on CNBC’s Make It, said that the price of Bitcoin will reach $250,000 by the end of 2022 or early 2023. He made this prediction amidst the recent swings in the price of the currency. “I’m going to be right on this one”, he said.
The billionaire first made his seemingly outrageous prediction in 2018. As at that time, Bitcoin was trading for about $8,000 and didn’t seem like it could do much. Bitcoin has reached an all-time high of $65,000 since his prediction and is still expected to surge beyond this.
Tim Draper is a strong advocate of Bitcoin and believes that the coin will be “much more in use by then (2022-2023; the time of his prediction for the coin’s surge)” and that this would be one of the major reasons for its surge.
“I’m either going to be really right or really wrong but I’m pretty sure that it’s going in that direction”, he mentioned while talking about his prediction. “Give it a year and a half and retailers will all be on Opennode (a Bitcoin payment processor), so everybody will accept Bitcoin”, he added.
His prediction might already be taking shape as some notable companies have already adopted Bitcoin as a means of payment for their goods and services. Tesla for instance, started accepting the currency as a means of payment for its electric vehicles before it put a stop to that out of environmental concerns. Other companies who already accept Bitcoin as a means of payment and on behalf of their customers, either directly or indirectly include – PayPal, Microsoft, Whole Foods, Starbucks, Home Depot, Overstock, Apple Pay, Google Pay, Samsung, Pay, etc.
“I tend to focus on the ones where people are dedicating their lives to improving the currency”, he said in support of Bitcoin.
Tim Draper first surrounded himself around Bitcoin after he purchased almost 30,000 Bitcoins seized by the U.S. Marshals Services from the now-defunct online black market Silk Road. Since then, he has been in strong support of the currency and continues to advocate for it, predicting that it would grow to become a part of everyone’s life.