- Bitcoin has undergone an extreme rally since the October lows, pushing from $11,000 to $27,800 as of this article’s writing.
- Tim Draper thinks that BTC could hit $250,000 in the coming two years.
BITCOIN COULD TEN X FROM HERE
Bitcoin has undergone an extreme 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 ago, though might be poised to move higher in the days ahead as Wall Street gets back to work next week.
Tim Draper, a long-time venture capitalist, thinks that BTC has room to grow in the long run.
He recently wrote on Twitter that he thinks that Bitcoin will rally by ten times from here by the end of 2022 or early 2023. This means that he thinks Bitcoin could hit $250,000 in the coming two years.
Draper has long touted this opinion in interviews and on social media channels. He made his first purchase of Bitcoin many years ago, when the coin was selling for hundreds a piece in the Silk Road sale.
He thinks that Bitcoin will rally to this level over time as the leading cryptocurrency proves itself as a payment network. Draper is a supporter of the Lightning Network, having argued that the scaling solution will give Bitcoin a leg up over traditional payment networks over the years ahead.
Draper is a prominent Silicon Valley venture capitalist that has made investments in firms like Skype, Coinbase, Baidu, SpaceX, Tesla, and many more. His net worth is estimated to be around $1 billion.
NOT THE ONLY ONE THAT THINKS SO
He is far from the only analyst expecting Bitcoin to move to $250,000 and beyond in the coming market cycle.
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 ability to potential to take market share from gold.
Guggenheim Investments is a prominent investment firm based in the U.S. The firm manages billions of dollars worth of assets and publicly revealed that it has made allocations to Bitcoin over the past two months.
Minerd said in the Bloomberg interview:
“Our fundamental work shows that bitcoin should be worth about $400,000. It’s based on the scarcity and relative valuation such as things like gold as a percentage of GDP.”
While he is the first Wall Street executive to have made such a lofty prediction, there are a number of other mainstream supporters of the cryptocurrency now.
For instance, incoming U.S. Senator for Wyoming Cynthia Lummis is now a supporter of Bitcoin. She said in an interview with Fox that she thinks one of her main priorities is to convince her fellow Congresspeople that BTC is valuable as an investment.