Venture capitalist Tim Draper says he stands behind his prediction that Bitcoin (BTC) will hit $250,000, shifting his timeline to 2025.
In a new Bloomberg interview, the billionaire says that he underestimated how the US government would crack down on crypto and impede the king crypto’s market cap growth.
However, he still predicts Bitcoin will hit $250,000, just two years later than he initially predicted, which would be a more than 724% increase from its current value of $30,322.
“When I predicted it, Bitcoin was at $4,000. So, it’s gone to $30,000 in that time. And I wasn’t really expecting the US bureaucracy to be this aggressive. And I thought that maybe they would be recognizing that they’ve got to compete with the rest of the world.
They’ve got to provide a platform from which entrepreneurs can flourish. And by having this regulation by enforcement that the SEC (U.S. Securities and Exchange Commission) has been professing and driving is really driving all the great entrepreneurs out and I think that that has hurt the Bitcoin price.”
According to Draper, wider adoption of Bitcoin will happen despite the government crackdown since BTC has many benefits over traditional finance systems.
“But Bitcoin is here to stay. It’s a great currency. It’s a great way to operate. I can’t wait until I can raise a fund all in Bitcoin. Invest it all in Bitcoin. Have my portfolio companies all pay their employees and suppliers all in Bitcoin and have taxes all paid in Bitcoin and have the waterfall all fall into people’s Bitcoin wallets.
Because then there’s no accounting. There’s no auditing. There’s no bookkeeping. It’s all done on the blockchain and it’s all honest and it’s all straight. And I think that’s going to bring society to an anthropological leap forward. It’s going to be an amazing time. And I can’t wait for it.”
Draper also says that he overestimated retailers’ adoption of Bitcoin, but predicts retailers will soon start using Bitcoin more.
“I thought that it was going to happen a little sooner than it did. I also thought retailers would recognize that they can save 2% by accepting Bitcoin and I thought they’d recognize that sooner. But that hasn’t happened yet. And I think it’s going to happen about the right time, about the same time as the halving, and maybe we’ll get my price target then.”
Bitcoin’s halving, which happens every four years, is estimated to take place on April 14 of next year, when the amount of new BTC issued to miners will be reduced from 6.25 Bitcoin per block to 3.125 Bitcoin per block.
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