For the cryptocurrency market, this year can be said to be a stormy year, but even after the baptism of the bear market and industrial turmoil, Tim Draper, a well-known venture capitalist in Silicon Valley in the United States, still firmly believes that by the middle of 2023, Bitcoin will reach $250,000. “Miracle Price”.
Tim Draper began to shout as early as 2018 that Bitcoin would break through $250,000 by the end of 2022. He later jokingly said that if the prediction did not come true, he would “eat the egg alive”, but in early November this year, Tim Draper changed his words That target price may not be achieved until June 2023, the analysts said.
When asked recently “how do you feel about your predictions after the collapse of FTX”, Tim Draper reiterated:
I extended my forecast by 6 months. The $250,000 price target remains unchanged.
In other words, Bitcoin would have to rise nearly 1,400% from its current price of about $17,000 for Tim Draper’s prediction to come true.
Bitcoin has plunged more than 60% year-to-date this year, as the Federal Reserve continues to tighten monetary policy and the knock-on effect of the bankruptcy of cryptocurrency companies such as Terra, Celsius and FTX has hit the market hard.
Known as the “Godfather of Emerging Markets”, the legendary American fund manager “Mark Mobius” pointed out last week that the cryptocurrency market still has room to continue to fall. He predicted that Bitcoin may fall to $10,000 next year.
Still, Tim Draper is optimistic that Bitcoin will skyrocket in the new year. He said:
I expect that premium and decentralized cryptocurrencies like Bitcoin will be the big winners, while some of the weaker coins will be relics.
Tim Draper believes that the reason why Bitcoin prices will soar next year is that Bitcoin still has a huge and untapped population: women. He says:
With women controlling 80% of retail spending and only one in seven Bitcoin wallets currently held by women, it’s as if the “dam is about to burst.”
Retailers can save about 2% on each bitcoin transaction compared to the dollar, and Tim Draper believes that once merchants realize that this 2% can double their profits, bitcoin will be everywhere because when Once people start using Bitcoin for everyday payments, they won’t need fiat money anymore.