Bitcoin $250k Prediction Is Still On Track, Says Tim Draper
Bitcoin is currently trading in the red, despite the short bullish move that the coin showed the day before.
At the moment of writing this article, Bitcoin is priced at $6,730.17.
You may recall that back in February when life still seemed normal, at least outside of China, Bitcoin hit $10k before it dropped below $4,000 as the investors and financial markets reacted to the coronavirus pandemic that has been torturing the world this year.
Due to the pandemic, healthcare systems all over the world and global economies have been badly hit.
Tim Draper is still bullish on Bitcoin
Despite the significant fall in price and the economic crisis, billionaire crypto investor Tim Draper is still bullish on the king crypto.
During an interview with a Chinese news outlet Bitpush, Draper said that the isolation due to the lockdown is threatening to make the financial crisis worse.
Draper also made sure to talk about the projected V-shaped economic recovery – this would see the US making a quick comeback following the crisis.
“If the government continues to keep people isolated at home for another two weeks, the economic V-shaped trend that everyone discusses will not happen, and the recession may be worse than the virus at that time.”
Bitcoin to hit $250,000 by 2023
Draper said that his prediction that used to claim the fact that Bitcoin would hit $250k by 2022 or the beginning of 2023 is still in the cards, despite the harsh reality we’re in these days.
Lots of analysts said that the halving event which is scheduled to take place in May would be a price booster for the most important coin in the market. Draper said that this is just one of the price triggers.
“If the US dollar depreciates because of large-scale printing of money in the United States, and people know that gold is no longer worth buying, then Bitcoin is a safe haven,” Draper continued as cited by the online publication the Daily Hodl.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.