- Billionaire venture capitalist Tim Draper says the bitcoin price will skyrocket to $250,000 soon after the May 2020 ‘halving’ event.
- As astounding as that sounds, Draper’s projections are in line with bitcoin’s historical trend.
- Draper correctly predicted the ‘crypto winter’ bear market of 2018-2019 in September 2018. He’s made over $200M from BTC so far.
When Tim Draper talks about good tech investments with enormous profit potential, markets listen. Some of the Silicon Valley venture capitalist’s winning picks include Baidu, Skype, Tesla, SpaceX, and Twitch.
In 2014, Draper made a massive bet on bitcoin. He spent just shy of $19 million for 30,000 BTC sold by U.S. authorities at auction.
Outbidding everyone else, it looked like Draper paid a premium for the coin then. But today that 30,000 BTC is worth over $200 million with the bitcoin price above $7,000.
He thinks it’ll be worth $7.5 billion in two years at the $250,000 price point.
Tim Draper: Bitcoin Is About to Boom
In an interview with BlockTV this week, Draper said:
If you run a technical analysis, it looks like it’ll be something like six months to a year after the halving that we will cross $250,000 per bitcoin.
He followed up the prediction with some classic understatement:
So, um, yeah, it might be an interesting buying opportunity.
Draper sees the value in bitcoin’s features and benefits as a financial product:
I’m so frustrated with the banks just taking two and a half to four percent every time I swipe my credit card. I’m ready for this new currency.
Critics have called bitcoin a ponzi scheme and likened its ground shaking price boom over the last decade to the Tulip mania of the 17th century.
But it’s not as if Tim Draper is viewing the bitcoin price through rose-tinted lenses. He even predicted its price would fall back in September 2018, right before it did:
The Internet started in the same way. It came in big waves and then it kind of came crashing down. And…