Despite billionaire investor and venture capitalist Tim Draper being wrong in his prediction that bitcoin (BTC) would reach $250,000 in June 2023, he still believes it will happen eventually, maybe in 2025. In an interview on Bloomberg TV on Tuesday, Draper said that the Security and Exchange Commission’s (SEC) recent enforcement actions against crypto companies, such as Coinbase and Binance, have been driving entrepreneurs out of the United States, which in turn has hurt the price of bitcoin.
It’s a great system, it’s great currency, it’s a great way to operate, Draper said. I can’t wait until I can raise a fund all in bitcoin, invest it all in bitcoin, have my portfolio companies all pay their employees and suppliers all in bitcoin and have taxes all paid in bitcoin, and have the waterfall all fall into people’s bitcoin wallets. Because then there’s no accounting, there’s no auditing, there’s no bookkeeping, it’s all done on the blockchain. It’s all honest and it’s all straight.
Draper was one of the early advocates of crypto. He realized the significance of bitcoin in 2013 following the notorious collapse of the Mt. Gox crypto exchange, he said in an interview in 2014, in which he noted that he had bought 30,000 bitcoin after the incident. Since then, he’s been a big investor in the cryptocurrency and projects related to it, leading multiple funding rounds for startups in the space.
In 2018, Draper first made the bold prediction that bitcoin would hit $250,000 in June 2023 and he stuck with that prognostication even through the recent bear market, up until now. “So much for my prediction abilities,” Draper tweeted on June 30, admitting that bitcoin had only reached $30,000 at the time. “I guess we have to wait a little longer, (maybe two years) but engineers are hard at work.”
Despite his prediction not coming true, Tim Draper still believes that bitcoin will eventually reach $250,000. He believes that the SEC’s enforcement actions against crypto companies have been driving entrepreneurs out of the US, which has hurt the price of bitcoin. Draper has been a big investor in the cryptocurrency and projects related to it since 2013, when he bought 30,000 bitcoin after the Mt. Gox crypto exchange collapse. In 2018, he predicted that bitcoin would hit $250,000 in June 2023, but he recently admitted that it had only reached $30,000 at the time.