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Tim Draper updates timeline on $250,000 per BTC forecast

Benson Toti

Billionaire investor Tim Draper continues to believe that the Bitcoin price (BTC/USD) will hit $250,000 in the coming years, although he now thinks that this may take a little more time than he originally anticipated.

In a recent interview with Yahoo Finance, Draper updated his original forecast of $250,000 by 2022.

“$250,000 by 2022, and I’m hedging a little, maybe Q1 2023,” Draper said, as quoted by Yahoo Finance. “It may be Q1 2023, but it will be [$250,000] before that.”

The interview was centred the launch of Grit BXNG, a boxing gym Draper invested in. Grit will be the first gym to accept Bitcoin payments, Yahoo Finance notes.

During the interview, Draper opined that BTC would always stand apart from its competitors for being the leading decentralised currency.

“You know it’s interesting, it’s consolidated more than I thought it would,” Draper said. “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.”

The original cryptocurrency has seen some disappointing trading over the past 24 hours. After failing to recapture the $12,000 mark on Thursday morning, the coin tumbled to as low as $11,556.17 in late trading. Eventually, the coin managed to rebound and finished the session at $11,966.41, slightly higher than its opening price level of $11,954.04. Despite the positive finish, BTC has continued to struggle in today’s trading.

As of 16:34 BST, the Bitcoin price stood at $11,754.96, according to data from digital currency tracker Coinmarketcap. The coin has gained 0.2% in the past 24 hours. BTC’s total market capitalisation currently stands at just over $210 billion, which represents 69.6% of the combined value of all digital coins.

Featured image: Visual Generation /Shutterstock.com

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