Venture capitalist Tim Draper has predicted Bitcoin will experience huge price gains over the next four years, claiming the cryptocurrency grow more than 25-fold by 2023. The famous investor said he may have underestimated Bitcoin when he previously predicted it will reach $250,000.
A remarkable resurgence in 2019 means Bitcoin is currently trading at just above $7,000, though it remains a long way off its record high from December 2017 of nearly $20,000. Speaking to cryptocurrency news show BlockTV, Draper said his previous price predictions had come true and that his latest one may even fall short of Bitcoin’s eventual value: “$250,000 means that Bitcoin would then have about a 5 per cent market share of the currency world and I think that may be understating the power of Bitcoin. As it becomes easier for people to use, they’re going to make the decision that they like Bitcoin better than any fiat because they know that their fiat will depreciate in value.”
Venture Capitalist Draper made a name for himself through traditional investments in companies like Skype, Tesla and Twitch, but has since turned his attentions to Bitcoin. In 2014, he purchased 30,000 bitcoins, which were worth around $21 million at the time. At today’s rates, they are worth more than $300 million.