After a busy week for Bitcoin, the entrepreneur Tim Draper said during an interview with BlockTV that the cryptocurrency could reach $ 250,000 by 2020.
As many crypto enthusiasts may imagine, the factor that drives Draper’s confidence in the Bitcoin price hike forecast is the halving that will take place in May, when the mined block reward will be cut down to half.
The event takes place every four years and is a very well thought out strategy by the Bitcoin creator, Satoshi Nakamoto, to control inflation.
While the long-awaited moment is yet to come, enthusiasts, investors and analysts in the cryptocurrency market place their bets on the effect the halving will bring. It is likely to significantly increase volatility and demand for Bitcoin, which will reflect in a rise in the price of the asset.
“If you run a technical analysis, it looks like it’ll be something like six months after the halving that we will cross $ 250,000 per bitcoin”, said Drapper.
His optimism, however, doesn’t stop there. During the interview, the investor and Tezos (XTZ) sponsor reaffirmed his prediction that the Bitcoin price should surpass $ 250k by 2022.
Who is Tim Draper?
Timothy Cook Draper (born June 11, 1958) is an American venture capital investor, and founder of Draper Fisher Jurvetson (DFJ), Draper University, Draper Venture Network, Draper Associates, and Draper Goren Holm. His most prominent investments include Baidu, Hotmail, Skype, Tesla, SpaceX, AngelList, SolarCity, Ring (company), Twitter, DocuSign, Coinbase, Robinhood (company), Ancestry.com, Twitch, Cruise Automation, and Focus Media. In July 2014, Draper received wide coverage for his purchase at a US Marshals Service auction of seized bitcoins from the Silk Road marketplace website. Draper is a major proponent of Bitcoin and decentralization.
Draper is often regarded as one of the most successful venture capitalists in the world, and one of the most powerful and influential people in Silicon Valley.
Draper Associates was founded in 1985 by Tim Draper, founder of the famed Silicon Valley venture capital firm known as Draper Fisher Jurvetson. Draper Associates functioned as Tim Draper’s personal investment vehicle until 2016 when Draper Associates Fund V was launched. The Draper Associates team is based in San Mateo, California and invests in companies around the world.
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