Tech mogul Tim Draper has recently addressed his oft-repeated prediction about Bitcoin reaching $250,000 by 2023. While the cryptocurrency hasn’t made it that high yet, he is still optimistic that this prediction will come true before the upcoming halvening. The billionaire venture capitalist and crypto enthusiast revealed that he wore a T-shirt with the slogan “250K by 2022” illustrating his faith in the digital currency.
Halvening is an event that rewards those who mine Bitcoin with fewer coins than before, adding to the cryptocurerncy’s scarcity. Such an event typically encourages more people to join the market due to anticipated price appreciation.
Draper is a long-time supporter of Bitcoin. He has been an advocate of decentralized digital currencies for many years and was one of the earliest investors in Bitcoin. In 2014, he bought up nearly 30,000 bitcoins in an auction held by the U.S. Marshals Service, which were seized from Silk Road—the underground black market website founded by Ross Ulbricht. Draper believes that Bitcoin can help individuals increase their financial sovereignty, bringing ‘unbanked’ people into the world economy.