Tim Draper, the billionaire investor who predicted the price of bitcoin will hit $250,000 by 2022, has recently extended the timeline of his prediction to the first quarter of 2023.
During an interview with Yahoo Finance’s YFi PM in which he was announced the launch of a boxing gym that’s set to accept bitcoin payments, Grit BXNG, Draper revealed he’s “hedging a little” on his price prediction, stating:
$250,000 by 2022, and I’m hedging a little, maybe Q1 2023. It may be Q1 2023, but it will be [$250,000] before that.
Despite the timeline extension Draper didn’t increase his price target. Bitcoin has recently seen its price rise to about $11,765 after the China-U.S. trade war escalated, with the former devaluing its currency to offset the impact of imposed tariffs.
This saw many, including Rhythm Technologies’ chief marketing officer Chris Reinersten, claim that bitcoin is now starting to be seen as a safe haven, a type of “digital gold” that many of its proponents already claim it is.
Draper pointed out he’s still bullish on bitcoin by noting that Grit BXNG is able to avoid dealing with payment processing fees associated with credit card payments by choosing to accept the flagship cryptocurrency.
The billionaire investor added the cryptocurrency will always stand out among the sea of altcoins that have been created over the last decade, including Facebook’s soon-to-be-launched cryptocurrency Libra. He stated:
You know it’s interesting, it’s consolidated more than I thought it would. I thought there would be many more competitors at this point that were really relevant, but people have consolidated toward bitcoin because it’s decentralized and that’s why they get the flack at Facebook for being a centralized currency.
Earlier this year Draper claimed bitcoin “will be about a 5% market share of the Earth,” and shortly after that claimed Facebook’s Libra will help increase bitcoin’s adoption.