Tim Draper repeats his Bitcoin forecast of $250,000

Billionaire Tim Draper, during a talk at Web Summit 2022, forecast that the price of the first cryptocurrency would rise to $250,000 by mid-2023. Decrypt reports this.

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In 2018, Draper predicted Bitcoin at $250,000 by 2022; in the summer of 2021 expanded the forecast to early 2023, and now he has extended it by another six months.

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He also described digital gold as insurance against poor governance and noted that cryptocurrencies hamper governments from controlling the population.

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“You have seen how speculation has left Bitcoin. Only hodlers remain, they are passionate about it. They say this creates a freer and more trusting world. [Bitcoin —] it is a fair currency, not tied to banks and governments. It is decentralised,” the billionaire explained.

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Draper believes that the main driver of the next bull market will be women, as they control about 80% of retail spending.

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“You cannot yet buy food, clothing and housing with Bitcoin, but once you can, there will be no reason to hold fiat currency,” he added.

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Earlier, former BitMEX CEO Arthur Hayes named the driver of the next bull market as the return of China to the crypto industry. In his view, Beijing is already taking steps through easing regulation in Hong Kong.

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Most MLIV Pulse crypto-investors surveyed expect that by the end of 2022 digital gold will trade in the range of $17,600–25,000.

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Earlier in September, Bitcoin maximalist and MicroStrategy founder Michael Saylor predicted a new all-time high for the price of the first cryptocurrency within the next four years.

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