According To Billionaire Tim Draper Bitcoin Is On Track For $250,000

Billionaire Tim Draper spoke about bitcoin on Benzinga’s Crypto Festival. He noted some trends which he believes will be the driving force behind bitcoin hitting $250,000 in 2022.

Tim Draper first got into bitcoin back in 2011 when Peter Vincennes had convinced him to buy the digital asset. Draper bought $250,000 worth of BTC, which he subsequently lost after the Mt. Gox crypto exchange crashed, where Draper had stored his coins.

Despite losing his investment, Draper was not deterred. Soon another opportunity presented itself in the form of U.S. Marshalls auctioning off bitcoins seized from criminals. At the auction, Draper bought 29,656 bitcoins at $632 apiece, which had totaled $18.74 million.

The investor has since then been a believer in the future of cryptocurrencies, especially bitcoin. He has given some very optimistic predictions regarding the price of the asset in the coming years.

Draper: $250,000 Bitcoin By 2022

Draper first made this prediction in 2018. Back then, the price of the digital asset was still trading below $10,000, so this did not seem as believable as it might be today. He never faltered on this prediction.

Draper believes bitcoin will become an accepted mode of payment everywhere. Another factor lies in the fact that there is a limited supply of BTC. This self-induced scarcity of the digital asset has the billionaire believing that the price will keep going up, saying, “because there are only 21 million of them.”

Only one thing has differed in Draper’s price prediction for bitcoin. The billionaire had adjusted the timeline for his prediction by moving it farther to late 2022 or early 2023. But the price prediction remains unmoved at $250,000.

“I think we are right on track”

Draper spoke about bitcoin on Benzinga’s Crypto Festival. He noted some trends which he believes will be the driving force behind bitcoin hitting $250,000 in 2022. Widespread adoption was one of these trends. He noted that people will eventually be able to use BTC in the way they currently use fiat currency:

“One that happens, there’s going to be a switch thrown in people’s heads.”

Another big factor the billionaire sees pushing bitcoin towards this price prediction is the inflation rate. Since governments have been constantly printing money, people have become worried about the future of their savings. This will push more investors into BTC as a way to hedge against the inevitable high rate of inflation that will follow limitless money printing.

According to Draper, the rise in bitcoin uses in retail spending was set to go higher. Pointing out that women do about 80% of total retail spending, Draper sees women demanding more ways to pay with bitcoin. He explained that the number of women investing in bitcoin had grown tremendously, growing from one in 14 BTC wallets owned by women to one in three BTC wallets currently owned by women.

When asked when he planned to sell his coins, the billionaire replied: