Billionaire Venture Capitalist and popular investor Tim Draper, is unwavering about his prediction that Bitcoin will hit the $250,000 mark in 2023. Bitcoin is yet to report that kind of a jump.
Strong bet on BTC
promoting his prediction, Draper wore a T-shirt with “250K by 2022” printed on it –“See t-shirt. $250k by 2022. My prediction was off by a bit. Hasn’t made it there…yet. Certainly before the halving.”
On October 31st, 2008, its pseudonymous inventor, Satoshi Nakamoto – an unidentified person or group – published a whitepaper on Bitcoin, describing the details of how a peer-to-peer digital currency can be implemented. Its market capitalization took a giant leap of $1 trillion mark in 2021. BTC made an all-time high of $68,789.63 on November 10, 2021, according to CoinMarketCap.
One of the most important events associated with the Bitcoin blockchain is halving. Halving is essentially when the supply of new coins and the rewards for mining is cut by half. Each event reduces the rate of inflation and forces the price of BTC upward. The next halving will likely appear in 2024.
BTC-Draper: long-term friends’
Well-known Silicon Valley veteran and founding partner of Draper Fisher Jurvetson, was crowned as the sole winner in the U.S. Marshals Service’s auction of 30,000 BTCs, as a part of the Silk Road bust in 2014, according to The Wall Street Journal.
Draper-backed institutional Bitcoin exchange Vaurum (rebranded as Mirror in 2014), describes it in a blog post in the same year, “We’re delighted to announce that Tim Draper has won the U.S. Marshals bitcoin auction and is joining with Vaurum to provide bitcoin liquidity in emerging markets.”
Draper’s resolute support for BTC is emphasized by his decision, following the hack on Mt.Gox on Japan-based crypto exchange which accounted for more than 70% of BTC transactions worldwide at that time. In the hack, thousands of coins were stolen, and forced the company to file for bankruptcy.
Recently, the Bitcoin maximalist posted on Twitter: “Bitcoin is decentralized. FTX was centralized around one person. Decentralized currency is the great opportunity we have for economic evolution. Governments need to design software to tax businesses operating in a bitcoin walled garden so they have more #trust in #bitcoin.”
Source: https://www.thecoinrepublic.com/2023/01/04/tim-draper-unwavering-on-his-250k-btc-prediction-amid-market-downturn/