As the footsteps of 2024 approach, Tim Draper, the renowned venture capitalist in Silicon Valley, still firmly believes that Bitcoin is expected to reach $250,000 next year.
With early investments in companies such as Twitter, Tesla, and Skype, Tim Draper, the well-known venture capitalist in Silicon Valley, who became a billionaire, reiterated his prediction during an interview with Coin Bureau on the 19th: Bitcoin will surge to $250,000.
Tim Draper stated that when the price of Bitcoin was still at $4,000, he predicted that BTC would rise to $250,000 within four years. However, the historical high point of the bull market in Bitcoin in 2021 was only $69,000, which is still far from his target price. With the current price at $43,500, it would need to increase by nearly 600% within a year.
Regarding this situation, Draper explained that when he made the prediction for the price of Bitcoin, he did not expect that the United States would be so fearful of cryptocurrencies and have such outdated thinking. However, as Bitcoin has gradually been accepted by the mainstream in recent years, he still believes that Bitcoin will reach $250,000 in the near future. “I think this is just a delay. I call it a delay caused by fear, and it is also a delay caused by the old government.”
During the interview, Draper once again compared Bitcoin to Microsoft. He described Bitcoin as similar to Microsoft creating programs like Word and Excel, and he expects Bitcoin developers to create more functionalities. Large-scale technical integration is happening around the Bitcoin network.
Draper also expressed his enthusiasm for smart contracts and eagerly anticipates using Bitcoin to raise funds from all investors in the future, investing all of it in Bitcoin. This would allow investors to pay their employees, suppliers, taxes, and everything else using Bitcoin, and it would make accounting and auditing without the participation of roles such as accountants, auditors, bookkeepers, transfer agents, or tax lawyers a reality because the friction of this new economy would be much less.
Draper, who sees the potential of Bitcoin smart contract applications, also praised the famous Layer 2 of Bitcoin, Stacks, which is considered the “smart contract layer” of Bitcoin, as the most impressive cryptocurrency project performance this year.
After receiving high praise from Draper, Stack (STX) has surged over 27.5% in the past 7 days, reaching $1.59 at the time of writing, with an increase of over 10% in the past 24 hours. Its year-to-date increase is as high as 583.7%.
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Stacks
Tim Draper
Microsoft
Smart Contracts
Bitcoin