Venture capitalist Tim Draper thinks cryptocurrency is going to go up more than 10-fold by the end of 2023. He isn’t the only crypto mogul whistling in the dark.
During an interview with Forbes in January this year, the venture capitalist Tim Draper offered an ambitious prediction: Bitcoin would hit a whopping $250,000 within a year. At the time, Bitcoin was worth about $41,000.
“This is the year it’s gonna happen,” insisted Draper, who paid $18.7 million at a U.S. Marshals Service auction in 2014 for his stash of around 30,000 bitcoins (yes, that’s $623 per Bitcoin). “By the end of this year—or early next year.”
Suffice it to say that Draper’s prediction isn’t panning out. Bitcoin has lost more than half of its value since the start of the year, plunging from $47,000 on New Year’s day to around $20,000. He is one of four crypto moguls who are no longer billionaires thanks to the digital currency crash. But Draper isn’t backing off. Reached over email, Draper reiterated his price target. “I am more convinced than ever that it is happening,” he said. “By late 2022 or early 2023.”