Tim Draper still thinks bitcoin is heading to $250,000
TL;DR Investor Tim Draper still believes that bitcoin will reach $250,000 by 2025, despite the slower than expected growth this year due to regulatory uncertainty. He remains optimistic about the future of cryptocurrency and blockchain technology, seeing it as a potential way for entrepreneurs to flourish and for companies to operate without the need for accounting or auditing. Bitcoin is currently trading at around $30,474 according to CoinGecko.
Tim Draper, founding partner of Draper Associates, still thinks bitcoin will reach $250,000, even if it takes a little longer.
"Bitcoin is here to stay," Draper said Tuesday on Bloomberg TV, reaffirming his target, even if pushing back the timeframe until 2025.
"I wasn't really expecting the U.S. bureaucracy to be this aggressive, and I thought that maybe they would be recognizing that they've got to compete with the rest of the world," he said when asked about the extended timeline. "They've got to provide a platform from which entrepreneurs can flourish, and by having this regulation by enforcement that the SEC has been professing and driving, it's really driving all the great entrepreneurs out, and I think that that has hurt the bitcoin price."
The American investor said last year that the world's largest cryptocurrency by market capitalization could reach $250,000 by 2023. In the heights of a fresh crypto winter that had engulfed the industry at the time, he told a crowd to "keep your heads down, keep working."
Bitcoin's price has surged this year
Bitcoin has since surged 84% so far this year. It was mostly flat on Tuesday, trading at $30,474, according to CoinGecko.
"It's a great system, it's great currency, it's a great way to operate," Draper said today. "I can't wait until I can raise a fund all in bitcoin, invest it all in bitcoin, have my portfolio companies all pay their employees and suppliers all in bitcoin. And have taxes all paid in bitcoin, and have the waterfall all fall into people's bitcoin wallets. Because then there's no accounting, there's no auditing, there's no book keeping, it's all done on the blockchain. It's all honest and it's all straight."