Venture Capitalist and well-known bitcoin advocate Tim Draper has made it clear he is standing by his $250,000 bitcoin price prediction, as he believes the cryptocurrency will fetch a quarter of a million dollars by 2023.
Speaking at the Virtual Blockchain Week, he reaffirmed his price prediction, citing a few factors he believes will help BTC’s price grow exponentially over the next three years. He said:
That's my prediction. Sticking with it. I'm very confident that that is going to happen. That’s happening. It's kind of funny.
One of the factors behind BTC’s price rise, according to Draper, is the U.S. government’s massive stimulus package debasing the value of the dollar and sending people to the cryptocurrency space. As CryptoGlobe reported, the Federal Reserve’s balance sheet went over $6 trillion earlier this month.
Draper added he expects bitcoin payments to see massive commercial adoption over the next three years, as retailers realize they can accept crypto payments and save money on credit card fees. Per his words a company called OpenNode, in which he invested $1.25 million, can help make it happen using the cryptocurrency’s layer-two scaling solution, the Lightning Network.
Jokingly, Draper said he would eat a raw egg is his prediction fell short, in an allusion to John McAfee’s $1 million bitcoin price prediction, which the eccentric cybersecurity expert later on said was merely a “ruse” to attract new users to the space.
Notably, Draper has been a bitcoin bull for the last few years, and was even the winner of an auction of nearly 30,000 BTC that were seized from the now-defunct darknet marketplace the Silk Road. Draper’s other prominent investments include Baidu, Hotmail, Tesla, Skype, Twitter, Coinbase, Robinhood, Twitch, and others.