Prominent billionaire investor Tim Draper has doubled down on his bullish Bitcoin prediction, forecasting the cryptocurrency will reach $250,000 within 18 months. The venture capitalist, known for early bets on Tesla and Skype, made the remarks during a private investor briefing that was later shared with crypto media outlets.
Draper’s prediction represents a 500% increase from Bitcoin’s current price of approximately $50,000. His previous 2018 prediction that Bitcoin would hit $250,000 by 2022 ultimately proved incorrect, though he maintains the fundamentals for growth remain strong.
“The combination of institutional adoption, limited supply, and growing distrust in fiat currencies creates perfect conditions,” Draper was quoted as saying in verified meeting notes reviewed by SourceRated. Several attendees confirmed the remarks to multiple outlets.
Market analysts remain divided. CoinShares reported record institutional inflows totaling $1.1 billion last week, while JPMorgan analysts warned of “stretched valuations” in their latest crypto research note.
The prediction comes as Bitcoin shows renewed volatility following the SEC’s approval of spot Bitcoin ETFs in January. Some technical analysts note the cryptocurrency has historically experienced major rallies 12-18 months after halving events, with the next expected in April 2024.