Tim Draper insists Bitcoin Price will hit $250k next year

Jerome Powell

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TL;DR Breakdown

  • Tim Draper insists Bitcoin will trade at $250,000 next year or 2023
  • Unversity lecturer, Lee Smales says that Bitcoin will eventually bow to CBDC

Billionaire and American venture capitalist Tim Draper has again stood by his prediction that by 2022 or early 2023, Bitcoin price would be trading at $250,000.

He also said that the flagship cryptocurrency is in line to witness mainstream adoption as the number of users continues to surge by the day.

He made these assertions on Saturday during an interview with Benzinga.

“Yes, I stand by my prediction of $250k per bitcoin by the end of 2022 or early 2023. We have had many ups and downs and will continue to, but the global, trusted, decentralized, frictionless, open, transparent bitcoin will become increasingly popular as more and more applications evolve,” Draper said.

Tim Draper is famous for his investments with Baidu, Hotmail, Skype, Tesla, SpaceX, AngelList, SolarCity, Ring, Twitter, DocuSign, Coinbase, and Robinhood, said Bitcoin is a symbol of freedom and trust.

According to the billionaire, BTC is having a positive impact on the lives of people, especially in countries like Nigeria, Argentina, etc where they face economic hardship.

He also called BTC a modern inflation hedge in the wake of continuous money-printing by the US government, especially since the onset of the COVID-19.

Beyond Tim Draper’s prediction, BTC to lose to CBDC?

Outside Draper’s bullish BTC price prediction, University of Western Australia associate professor Lee Smales has said Bitcoin will eventually lose out to central bank digital currencies. He is part of 44 percent of respondents surveyed by comparison site Finder who believe the crypto would eventually bow to fiat currencies in digital form.

“Ultimately, I think bitcoin (and many other cryptocurrency assets) will lose out to central bank digital currencies—many of which will be live by the end of the decade,” Smales said.

His point was earlier corroborated by Federal Reserve chair Jerome Powell who said one of the stronger arguments for a digital dollar is that it could undermine the need for Bitcoin, other cryptocurrencies and so-called stablecoins, digital currencies such as tether that are pegged to traditional assets.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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