BTC to ‘BOOM’ – Might Reach $250,000 in 2023 Amid Market Downturns: Tim Draper 

Will the ‘Good’ Days Come?

Popular nvestor and venture capitalist Tim Draper predicted Bitcoin (BTC) may smash the $250,000 mark by mid of 2023.

Tim Draper, the founder of Draper Associates, is one of the most popular and investors in recent times. He is known for his bold bets on Tesla, Robinhood, Skype, and Baidu in the tech space. 

According to CNBC, Tim Draper purchased 29,656 BTC from the Silk Road dark web marketplace for almost $18.7 million in 2014. The same year, he forecasted that BTC would hit $10,000 in the next three years – BTC market value rose to nearly $20,000 in December 2017. 

Tim Draper also predicted that BTC may hike to $250,000 till late 2022. However, after observing the market situation this year, he admitted at the Web Summit tech conference held in November at Lisbon, that the price may not rise significantly until June 2023.

Tim Draper informed in an email to a major US based media agency that “I have extended my prediction by six months. $250k is still my number.” 

“I expect a flight to quality and decentralized crypto like bitcoin, and for some of the weaker coins to become relics,” he added.

As per Draper’s statistics, BTC could jump by1,400% from its present price of $17,012.67. The major crypto’s market capitalization at current is $328.81 billion, which has plunged over 64.6% from the beginning of 2022. 

As per media reports, “BTC has increasingly tracked the stock market in recent months’, due to many factors such as high inflation, lower trust of investors, crypto regulations and rising rates.”

What is BTC’s Destiny?

According to The Coin Republic, another big player in the investment world, Mark Mobius, predicted that the BTC will crash by 40% to $10,000 by early 2023. The largest crypto by market capitalization has broken its technical support levels, lowering down from $18,000 to $17,000, warning investors about a hidden red alert. 

Tim Draper noted: “My assumption is that, since women control 80% of retail spending and only 1 in 7 bitcoin wallets are currently held by women, the dam is about to break.”

In 2022, ‘Black Swan’ events like Luna Terra crash, and Crypto’s ‘Lehman Brothers crash’ or the FTX collapse wiped out millions of dollars from the crypto industry’s customers and investors. But, as a matter of fact, crypto markets have always bounced-back from any such downturns.

Notably, the maximum numbers of BTC that can be minted is 21 million. Further, many BTC were lost this year, apart from previous year’s losses.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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