American billion-dollar mogul and venture capitalist Timothy Draper has predicted that Bitcoin will skyrocket to a whopping $250,000 in 2024. Draper made this bold prediction while interviewing with Coin Bureau, where he said that Bitcoin hitting $250K will probably “come pretty soon” and “will go way past it” upon hitting the target.
Draper’s Fascinating History With Bitcoin
Draper had started amassing bitcoin as far back as 2014, when the cryptocurrency was relatively new and crypto in its infant stage. The venture capitalist went ahead to bid for 30,000 BTC after the Mt. Gox collapse in February 2014, after seeing the cryptocurrency display daredevil resilience regardless of the unfortunate event at the time.
The renowned venture capitalist bagged 30,000 BTC for $19 million. Fast forward to this year, the value is up over 4,000 percent and worth over 800 million. Ever since scooping this much Bitcoin, the billionaire has been vocal about the prospects of the top crypto, making a couple predictions, some of which have given him a solid reputation in the industry.
In 2014 also, he predicted that Bitcoin would reach a high of $10,000 in three years, and it happened just as he said in 2017 to everyone’s amazement. Draper’s latest prediction on Bitcoin isn’t the first time he’s stood by the king of cryptocurrencies hitting the $250K target. He had already made the forecast back in 2022 and maintained it throughout some of the biggest storms that have rocked the crypto space.
After the FTX collapsed in Nov. 2022, the billionaire still maintained his faith in Bitcoin’s hitting $250K, stating that he believed “the fiasco is going to bring on a lot more Bitcoin maximalists.” He’s come under fire from critics who accused him of misleading people, seeing BTC didn’t hit the $250K mark or come close this year, but he doesn’t seem to flinch much.
“The only reason I’ve given the second prediction was that the first one was so good. I had a lot of pressure to put another one out there,” speaking about why he made the prediction about Bitcoin reaching a quarter million dollars.
He also blamed the US government for smothering his predictions to death and suppressing the advancement of Bitcoin.
“I went on a rant. I actually said all these things. US Government is killing the golden goose of Silicon Valley. Regulations smother innovators”, said Draper.
Bitcoin Price Today
Bitcoin is up 0.19% as of this writing, according to CoinMarketCap analytics. It is currently at $43,080, which seems to be its resistance point for the past week. All eyes look up to the SEC for a favorable decision on the spot Bitcoin ETFs, which could potentially send BTC to the moon by next year.