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Investor Tim Draper stands by his '$250k by 2023' Bitcoin prediction

09 Nov, 2018
by David Robb
News
Investor Tim Draper stands by his '$250k by 2023' Bitcoin prediction

At a recent crypto event in Portugal, billionaire investor and Bitcoin bull Tim Draper claimed that he stands by his most optimistic price prediction. Speaking on a panel at the Web Summit in Lisbon, he reiterated his belief that 1 BTC will be worth $250,000 by 2023.

The head of Draper Associates was speaking alongside Blockchain CEO Peter Smith and Managing Capital co-founder Garry Tan. He claimed not to be bothered by the volatility BTC has seen in the last year, stating as he has before that "One Bitcoin is still worth one Bitcoin". He framed the price fluctuations as being a result of external instabilities and political developments, which cryptocurrencies are designed to ultimately be immune from.

Read more: Tim Draper: “We’re on the cusp of something that will radically change the world”

"I have a pretty good sense of what’s going on four, five, six ten years from now because that’s my business – to meet with young entrepreneurs who are putting a future into my mind", said Draper. He encouraged the audience to take ownership of their own finances now by getting directly involved with crypto, telling them to "just go do it so you get the feel for it because it’s so much better than what we have today".

Draper also criticized the attitude of governments towards crypto, giving the example of China which has sought to ban cryptocurrencies outright. He also asked "why do we even trust currencies that are determined by some weird political party or other?", stressing the apolitical nature of Bitcoin and other cryptos as their most important element.

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