Venture capitalist Tim Draper has adjusted his projected timeframe for bitcoin’s price to reach $250,000. Maintaining an optimistic outlook, Draper still expects the world’s largest cryptocurrency to reach his predicted price target but acknowledged that it may take “a little longer.”
Tim Draper’s $250K Bitcoin Price Forecast
Venture capitalist Tim Draper has adjusted the projected timeframe for his bitcoin price prediction. He tweeted Friday that when the price of bitcoin was $4,000, he predicted that it would climb 60 times and reach $250,000 by now. However, BTC ended June below $31,000. “I guess we have to wait a little longer,” he wrote, adding that it may take two more years for his $250K prediction to come true.
Draper previously predicted that the price of bitcoin would reach $250K by the end of 2022. However, he acknowledged on Dec. 31, 2022, that his “$250k by 2022” forecast for bitcoin was “off by a bit.” Nonetheless, he insisted that the price of BTC will “certainly” reach the predicted level before the halving in 2024.
— Tim Draper (@TimDraper) December 31, 2022
When his forecast did not come true in December last year, he extended his BTC price prediction timeframe by six months to mid-2023. He told the Observer that if that still does not happen, then he is certain bitcoin will reach the $250,000 milestone before the end of 2024. He stated: “I am almost 100 percent sure I will be right in 18 months.” The venture capitalist also expects the price of bitcoin to soar past his estimate due to adoption by women.
According to his tweet on Friday, Draper now believes that it could take until the end of June 2025 for bitcoin to reach the $250,000 price point.
Draper also recently raised concerns regarding cryptocurrency regulation and criticized the enforcement approach taken by the U.S. Securities and Exchange Commission (SEC).
“Regulation by enforcement is killing our economy. It is killing China too,” he tweeted on June 20. During an interview with Fox Business on June 12, he criticized the securities regulator and its chair, Gary Gensler, for taking an enforcement-focused approach to regulating the crypto industry, stating:
I think we’ve got a real problem because the SEC has been spreading fear and all of the innovators are leaving the country … This regulation by enforcement makes no sense.
When do you think Tim Draper’s $250K bitcoin price prediction will come true? Let us know in the comments section below.