Bitcoin News and Finance

Tim Draper Expects Bitcoin Price to Hit $250,000 in 2024

Venture capitalist Tim Draper has doubled down on his $250,000 bitcoin price forecast. “I would say that my number $250,000 will probably come pretty soon,” he emphasized, predicting that if the price of bitcoin hits $250,000, “it’ll go way past it.”

Tim Draper’s $250K Bitcoin Prediction

Venture capitalist Tim Draper shared his bitcoin price prediction for 2024 in an interview with Coin Bureau last week.

He explained that when the price of BTC was $4,000, he predicted that it would climb to $250,000 in four years. “When I predicted that, what I didn’t expect was how fearful and just old thinking the U.S. would be. I think with a receptive U.S., we would be having conversations like the ones I have with the people from El Salvador,” he shared. El Salvador was the first country to adopt BTC as legal tender alongside the U.S. dollar.

Emphasizing that he still believes BTC will reach $250K in the near future, he opined: “I think all that is is a delay. I would call it the fear delay … old government delay.” Draper added:

I would say that my number $250,000 will probably come pretty soon, so I’ll stick with $250,000 … I actually think that if it hits $250,000, it’ll go way past it.

While expressing his belief that “we are going through the boom cycle” and anything can happen, he reiterated: “I think this year we might see $250,000.”

Draper further shared: “I’m a big fan of smart contracts. I can’t wait for the moment when I can raise all my investor money in bitcoin, invest it all in bitcoin, have them all pay their employees and suppliers … and their taxes and everything else [in bitcoin], and have it all be completely accounted for, audited, without an accountant, an auditor, a bookkeeper, a transfer agent, or a tax lawyer … This new economy will have far less friction. I think that’s very exciting.” He also commented on stablecoins, stating:

The role of stablecoins, I think, will be a bridge to bitcoin. I think the way stablecoins will operate, they will be viable as long as the dollar is viable, and then when there’s a run on the dollar, people will move to bitcoin.

The venture capitalist previously explained that he expects the price of bitcoin to soar past his estimate due to adoption by women. He predicted that at some point in the future: “All the women will have bitcoin wallets and they will be buying things with bitcoin and you are going to see a bitcoin price that will just go right through my $250,000 estimate.” In July, he said: “I think we are going to see bitcoin rise above the other cryptos … It’s just better technology — Having a bank and government decide on what currency is good is not as effective as having a bitcoin where there is a trusted third party, which are hundreds of thousands of nodes making sure the transaction was done properly.”

Do you think the price of bitcoin will hit $250,000 next year? Let us know in the comments section below.

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