Billionaire Investor Tim Draper Modifies Massive $250,000 Call on Bitcoin (BTC)
Bitcoin bull Tim Draper is changing the timeline on his six-figure price target for the world’s most popular cryptocurrency.
In a new interview with Yahoo Finance, Draper, who announced the launch of Grit BXNG, the first boxing gym to accept Bitcoin, says he’s starting to hedge on his Bitcoin prediction by tacking on a few extra months.
“$250,000 by 2022, and I’m hedging a little, maybe Q1 2023. It may be Q1 2023, but it will be [$250,000] before that.”
Draper first made the $250K prediction on April 12, 2018 at his “Draper Block(chain) Party” in California.
Oops! I predicted $250k in 2022. My tweet last night was missing a zero. $250k is the number!
— Tim Draper (@TimDraper) April 13, 2018
The seasoned investor alludes to all the big money he could be losing by spending his Bitcoin at the gym.
“I’m the first customer he’s had who paid in bitcoin, and by the way, I was a little reticent to do it because I know what that stuff’s worth… I think I paid $36 in Bitcoin but it’ll probably be worth $360,000.”
The venture capitalist points to Bitcoin’s curious path to legitimacy and its ability to attract a wide swath of investors.
“You know it’s interesting, it’s consolidated more than I thought it would. I thought there would be many more competitors at this point that were really relevant, but people have consolidated toward Bitcoin because it’s decentralized and that’s why they get the flack at Facebook for being a centralized currency.”
While he may have been reluctant to cough up gym fees in BTC, Draper says that by accepting Bitcoin as payment, Grit BXNG can avoid paying the hefty credit card fees merchants fork out each year to process payments.
“It’s good, I’m an investor in Grit, it goes into our pile of money. Things will work out.”
The studio, which features group fitness boxing classes, a cocktail bar and trainers who make $1,000 per hour, opened its doors on Thursday in Manhattan.
You can check out the full interview here.