Long-Time VC Thinks Bitcoin Will Surge to $250,000 by End of 2022
Bitcoin has experienced an intense rally since the October lows, pushing from $11,000 to $27,800 as of this article’s writing. BTC peaked at $27,900 a few hours before, though might be poised to move higher in the days ahead as Wall Street gets back to work next week.
For Example, incoming U.S. Senator for Wyoming Cynthia Lummis is now a supporter of Bitcoin. She said in an interview with Fox that she believes one of her most important priorities is to convince her fellow Congresspeople that BTC is valuable as an investment.
He believes that Bitcoin will rally to the amount over time as the leading cryptocurrency proves itself as a payment system. Draper is a supporter of the Lightning Network, having argued that the scaling solution provides Bitcoin a leg up over traditional payment systems over the years ahead.
Scott Minerd, the global CIO at Guggenheim Investments, recently said that Bitcoin could reach $400,000 in the years ahead due to its scarcity and its capacity to potential to take market share from gold.
Draper is a prominent Silicon Valley venture capitalist that has made investments in companies like Skype, Coinbase, Baidu, SpaceX, Tesla, and many more. His net worth is estimated to be around $1 billion.
While he is the first Wall Street executive to have made such a lofty forecast, there are a number of other mainstream supporters of this cryptocurrency now.
Released at Sun, 27 Dec 2020 10:00:02 +0000
- Bitcoin has experienced an intense rally since the October lows, pushing from $11,000 to $27,800 as of this article’s writing.
- Tim Draper believes that BTC could hit $250,000 from the coming two decades.
Bitcoin Could Ten X From Here
He’s far from the only analyst expecting Bitcoin to move to $250,000 and beyond in the coming market cycle.
Featured Image from Shutterstock
“Our fundamental work proves that bitcoin ought to be worth about $400,000. It’s based on the scarcity and relative valuation such as things like gold as a proportion of GDP.”
Draper has touted this view in interviews and on social media channels. He made his first purchase of Bitcoin many decades back, when the coin was selling for hundreds a piece from the Silk Road sale.
#Bitcoin tenX from here by end of 2022 or early 2023.
Minerd said in the Bloomberg interview:
Cost tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
Tim Draper, a long-time venture capitalist, believes that BTC has room to grow in the long run.
Guggenheim Investments is a prominent investment company based in the U.S.. The company manages billions of dollars worth of assets and publicly revealed that it has made allocations to Bitcoin over the last two months.
He recently wrote on Twitter he believes that Bitcoin will rally by ten times from here at the end of 2022 or early 2023. This means he believes Bitcoin could hit $250,000 from the coming two decades.