Venture capitalist Tim Draper predicted on Tuesday that Bitcoin (CRYPTO: BTC) will reach $250,000 in 18 months, and potentially higher, owing to inflationary pressures on the dollar.
Draper Remains Bullish
Draper recalled his accurate 2014 prediction on Fox Business that Bitcoin would hit $10,000 in three years.
The billionaire investor acknowledged that his subsequent predictions have not been as “prescient,” but he has “reason to believe” that the leading cryptocurrency will climb to $250,000 in 18 months.
“Eventually I expect the number to be higher as Bitcoin rises and the dollar falls to inflationary pressures,” he added.
An Early Believer
A Bitcoin OG, Draper bought into the cryptocurrency when it traded at only $4 apiece. He’s often recounted how Peter Vessenes, founder of Draper-backed venture CoinLab, offered to mine those BTC for him.
However, the BTC was held on the Mt. Gox exchange, which collapsed after a series of hacks resulted in the loss of up to 950,000 BTC.
His credentials became widely recognized in 2014 when he purchased nearly 30,000 BTC for $19 million at a U.S. Marshals auction, acquiring coins previously confiscated from the now-defunct Silk Road marketplace.
Bitcoin Safer Than TradFi?
The vocal Bitcoin maxi, in a recent interview with Benzinga, said he is following the model built around the BTC halvings, adding, ‘It is a very good bet if you chart history.”
Draper also expressed his belief that Bitcoin is safer than traditional banking, stating that quantum computing poses a greater risk to banks than to the blockchain.
Price Action: At the time of writing, BTC was exchanging hands at $74,297.89, up 0.16% in the last 24 hours, according to data from Benzinga Pro.
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