With 2024 approaching, Tim Draper, the renowned venture capital godfather of Silicon Valley, remains confident that Bitcoin will reach $250,000 next year.
Known for his early investments in companies such as Twitter, Tesla, and Skype, Tim Draper reiterated his prediction during an interview with Coin Bureau on the 19th, stating that Bitcoin will surge to $250,000.
Draper initially made this prediction when Bitcoin was priced at $4,000, stating that it would reach $250,000 within four years. However, the historical high of the Bitcoin bull market in 2021 was only $69,000, 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that when he made the prediction, he didn’t anticipate that the United States would be so fearful and have such outdated thinking towards cryptocurrencies. However, as Bitcoin gradually gains mainstream acceptance in recent years, he still believes that Bitcoin will reach $250,000 in the near future, calling the delay caused by fear and the old government.
During the interview, Draper also compared Bitcoin to Microsoft, stating that just like Microsoft created programs like Word and Excel, he expects Bitcoin developers to create more functionalities as large-scale technical integration occurs within the Bitcoin network.
Draper also expressed his enthusiasm for smart contracts and his eagerness to use Bitcoin in the future to raise funds from all investors, paying employees, suppliers, taxes, and everything else in Bitcoin. He believes that this new economic friction will reduce the need for accountants, auditors, bookkeepers, transfer agents, or tax lawyers to participate in accounting and auditing.
Draper highly praised Stacks, the famous Layer 2 of Bitcoin that is considered the “smart contract layer” of Bitcoin, and he believes it has the most impressive performance among cryptocurrency projects this year.
Following Draper’s positive comments, Stacks (STX) has surged over 27.5% in the past 7 days, reaching $1.59 at the time of writing. It has also increased by over 10% in the past 24 hours, with a year-to-date increase of 583.7%.
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Stacks
Tim Draper
Microsoft
Smart contracts
Bitcoin