Tim Draper reaffirms forecast that Bitcoin will reach $250,000

Bitcoin is expected to reach $250,000 by the end of 2022 or early 2023, despite sharp price fluctuations, according to venture investor and billionaire Tim Draper.

Billionaire Tim Draper is still bullish that bitcoin will reach $250,000 by the end of 2022 https://t.co/MHA88aQnUB

— CNBC Make It (@CNBCMakeIt) June 14, 2021

The billionaire argues that demand for digital gold will rise by then. A constrained supply will be another driver, Draper says.

“Give Bitcoin about a year and a half, and all retailers will be using OpenNode,” the investor said.

In 2018, Draper predicted Bitcoin would reach $250,000 by 2022 and called blockchain one of the most outstanding inventions in human history.

That same year the billionaire invested $1.25 million in Bitcoin payment processor OpenNode.

In 2019, Draper told ForkLog in an exclusive interview what underpins his forecast for the price of the leading cryptocurrency.

In March 2021, the investor suggested that Netflix would acquire Bitcoin as part of its reserves policy, while online retailer Amazon would add it as a payment option.