Venture capitalist Tim Draper revised his bitcoin price prediction, extending the time frame for the cryptocurrency to reach $250,000 to June 2025.
Prominent venture capitalist, Tim Draper, has once again revised his bitcoin price forecast. Originally predicting bitcoin to skyrocket to $250,000 when its value was just $4,000, he had projected a sixty-fold growth by now.
However, with bitcoin closing June below $31,000, Draper suggests that the cryptocurrency enthusiasts might have to exercise patience for his prediction to manifest.
Previously, Draper had forecasted that bitcoin would hit the $250,000 mark by the close of 2022. Upon reflection on the last day of 2022, he conceded that his prediction was slightly out of sync.
Despite the miscalculation, he was emphatic that bitcoin would undoubtedly reach the anticipated price point prior to the halving phenomenon in 2024.
When the speculated price failed to materialize in December of the previous year, Draper extended his prediction timeline to mid-2023.
In an interview with the Observer, he underscored his conviction that if bitcoin does not reach $250,000 by then, it surely would before 2024 ends.
He went on to say, “I am almost 100% sure I will be right in 18 months.” Furthermore, Draper envisages the value of bitcoin exceeding his estimation due to an increase in female participation.
In a recent tweet, Draper conceded that the journey to $250,000 might take longer than anticipated. His revised forecast estimates bitcoin reaching the quarter-million-dollar threshold by June 2025.
In addition to his price predictions, Draper has also voiced his unease about the current approach towards cryptocurrency regulation. He has openly criticized the tactics employed by the U.S. Securities and Exchange Commission (SEC).
In a tweet on June 20, Draper declared, “Regulation by enforcement is killing our economy. It is killing China too.”
In a subsequent interview with Fox Business on June 12, he chided the securities regulator and its chair, Gary Gensler, for an enforcement-centric method of regulating the cryptocurrency industry.
He lamented, “I think we’ve got a real problem because the SEC has been spreading fear and all of the innovators are leaving the country…this regulation by enforcement makes no sense.”