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Billionaire venture capitalist Tim Draper backs up a Bitcoin (BTC) price forecast of $250,000 per coin, but he pushed it forward to 2025.
“When Bitcoin was at $4,000, I predicted it would now reach $250,000 (60x).” tweeted Draper at the end of last month. The asset traded at around $30,400 at the time and has remained roughly flat since then.
“I think we’ll have to wait a little longer (maybe two years), but the engineers are working hard,” he added.
and interview In an interview with Bloomberg on Tuesday, Draper explained that he did not expect such a long-term hostility to cryptocurrencies by the “U.S. bureaucracy” at the time of his initial forecast. “I thought maybe they realized they had to compete with the world,” he said.
Cryptocurrency leaders have long expressed that complain This is because the United States has not established clear rules and regulations surrounding the industry compared to other jurisdictions.
Politicians in favor of blockchain believe that the U.S. Securities and Exchange Commission (SEC) hasregulation by enforcementApproach to Industry – File lawsuits against various cryptocurrency companies for “breaking the law” without the companies knowing which laws they have violated.
According to Draper, this approach is “throwing out all the great entrepreneurs,” which is affecting the price of Bitcoin.
In June, major cryptocurrency exchanges like Binance and Coinbase were sued by the SEC for violating securities laws and devaluing various tokens on their platforms that they purported to be unregistered securities. BNB (Binance’s native trading token) is down 14% since before the filing, while Cardano (ADA) is down around 15%.
After falling briefly after each lawsuit, bitcoin surged 18% to $30,700 since last month. Its dominance over the rest of the cryptocurrency markets also hit a two-year high above 50%.
Some Bitcoin bulls, including MicroStrategy Executive Chairman Michael Thaler, say regulation is long-term bullish for Bitcoin assets as it encourages investors to divert funds away from altcoins and into major cryptocurrencies claims to be “The next logical step is for Bitcoin to multiply tenfold from here and then tenfold further,” he said. Said said in a June interview with Bloomberg.
Draper says Bitcoin will live forever
Draper said bitcoin “will stay here” in the long run, and said he still hopes for a future world where BTC can be used as everyday currency. He said:
“I can’t wait until all Bitcoin is funded, all Bitcoin is invested, portfolio companies are paid in Bitcoin, all taxes are paid in Bitcoin, and the waterfall is all in people’s Bitcoin wallets. yeah.”
Draper added that he expects retailers to realize the benefits of excluding BTC-based payments sooner, claiming that doing so could result in “2% savings.”
Draper on Twitter clarified He said he wants to hold bitcoin at a higher price until he can invest in companies that maintain a “walled garden” on their assets. “That way I would like to earn more bitcoins,” he said.