The year 2022 was a difficult one for the broader crypto market. Bitcoin, the largest cryptocurrency in the world, suffered more than 60% in price decline, while the market lost more than $1.3 trillion in value.
This drop means that investors have seen the value of their portfolios go down the drain. Some individual investors have lost nearly all of their money.
Billionaire Says Bitcoin Will Hit $250K
Tim Draper, a billionaire venture capitalist and bitcoin investor who has long been positive about the alpha crypto’s ascent, maintains his forecast that the cryptocurrency will reach $250,000 this year.
Draper is a longtime believer of Bitcoin and was one of the first investors in the cryptocurrency. In 2014, he paid $19 million for approximately 30,000 BTC seized from the dark web marketplace Silk Road and sold at auction by the United States Marshals Service.
Billionaire venture capitalist Tim Draper. Image: TheStreet/Getty Images
In 2018, when one BTC was selling for about $8,000, tech mogul Draper announced his audacious $250,000 Bitcoin price prognosis.
The 63-year-old investor stated at the time:
“I’m either going to be really right or really wrong, but I’m positive it’s moving in that direction.”
Even with the bankruptcy of the cryptocurrency exchange FTX, the venture capitalist remains confident the crypto will reach the $250,000 mark.
On Crypto & Women Power
As of this writing, BTC is trading at $16,836, 0.8% in the last seven days, data from Coingecko shows.
Draper says Bitcoin can help individuals enhance their financial independence by connecting those without bank accounts into the global economy.
The Bitcoin bull has consistently asserted that women will be able to propel Bitcoin past the 2023 threshold.