Exclusive: Tim Draper predicts Bitcoin will reach $120,000 by the end of 2024 and $250,000 by 2025
Tim Draper, a well-known venture capitalist and cryptocurrency enthusiast, has been predicting the price of Bitcoin since 2014.
That year, Draper predicted that Bitcoin would reach $10,000 by the end of 2017. Despite skepticism, his predictions proved accurate as Bitcoin reached $10,000 in November 2017 during a dramatic bull run.
In 2018, Draper predicted that Bitcoin would reach $250,000 by the end of 2022. Although this bold prediction did not fully come true, Bitcoin reached an all-time high of around $69,000 in November 2021.
When Bitcoin failed to reach its target price in 2018, Draper extended the timeline to mid-2023. The futurist and investor's price target is based on mass adoption, especially by women and retail investors.
Don't miss:
“My first prediction was in 2014 when Bitcoin was $180. I said it would be $10,000 in three years,” Draper said in an interview with Benzinga. “Sure enough, in 2017 By the end of the year, Bitcoin reached $10,000, and I've been going ever since.” I thought Bitcoin would reach $250,000 by 2022. I will take a break for 3 years. ”
Draper added: “I think you can blame those three years on a weak government that regulated new technology rather than encouraging it. Our new government is even more encouraging.”
Since the US presidential election in November, the crypto world has been in a celebratory mood with a decidedly more bullish outlook. While many tokens, including Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL), have seen strong gains, Bitcoin has taken the spotlight, reaching an all-time high of $99,000 on November 21st and rising this month. reached its second-ever high.
Trend: The global gaming market is expected to generate $272 billion by the end of the year. At $0.55 per share and a user base of over 7 million people, this VC-backed startup gives investors easy access to this asset market.
Benzinga asked Draper about his prediction for Bitcoin, with the end of 2024 rapidly approaching, to which Draper replied, “This is just the beginning! If you ask about price predictions, Bitcoin will be around 12% by the end of the year. I'd say it's up to $10,000.”
Benzinga asked Draper what he bases his predictions on on Bitcoin's future, and he cited the cryptocurrency's advantages over traditional fiat currencies and its long-term usage trends.
story continues
“This is a long-term trend. Bitcoin is a better technology than using banks or governments as trusted third parties. Bitcoin is transparent, global, open, and has a perfect record. This will make the world richer. Once retailers (currency) and governments (taxes) realize that Bitcoin saves them money on every transaction, everyone will use Bitcoin. There will be great incentives.”
When asked about his predictions for 2025, Draper said he was holding on to the $250,000 level, citing the proposed US Bitcoin reserve as a factor.
“Assuming standard supply and demand curves, if there are such large buyers, the price will continue to rise. 2025 will see Bitcoin eventually reach my goal of $250,000. I think this is the year we reach that goal,” Draper said.
SEE ALSO: Dogecoin millionaires on the rise – Investors with over $1 million in Dogecoin revealed!
MicroStrategy leads Bitcoin charge
MicroStrategy co-founder Michael Saylor tweeted today that the company has acquired $5.4 billion in Bitcoin (CRYPTO:BTC). This is the single largest purchase of the world's leading decentralized digital currency.
“MicroStrategy acquired 55,500 BTC for approximately $5.4 billion at approximately $97,862 per #bitcoin, achieving a BTC yield of 35.2% QTD and 59.3% YTD. November 24, 2024 As of today, we hold 386,700 $BTC.” Acquired for approximately $21.9 billion at ~$56,761 per $MSTR.
This follows news that the company is making $500 million a day on its Bitcoin holdings, which Saylor said have increased in value by $5.4 billion in the past two weeks. Thaler predicted that Bitcoin could reach $13 million by 2045, with a market capitalization of $250 trillion.
Web3 Leader Optimism
Nathan Barclay, CEO of Muhdo Health Limited, a health technology company specializing in DNA and epigenetic testing and integrating cryptocurrencies into its business, has a bullish outlook on Bitcoin. and independently agrees with Mr. Draper's prediction.
“I think it’s possible for Bitcoin to reach $120,000, as sentiment in the US for this market is positive right now and we understand that Web3 could have a real impact. It’s a great time to get into this space,” Barclay said.
“The Bitcoin of today is not the Bitcoin of 2020. We conservatively estimates it would end up in the $92,000 to $115,000 range, but if it gets massive opt-in from the mainstream. This estimate could be blown away.”
Read next:
Photo: Shutterstock
Next step: Transform your trading with Benzinga Edge's unique market trading ideas and tools. Click now to access exclusive insights that can give you an edge in today's competitive market.
Want the latest stock analysis from Benzinga?
This article exclusive: Tim Draper predicts Bitcoin will reach $120,000 by end of 2024 and $250,000 in 2025 originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. Unauthorized reproduction is prohibited.
