Bitcoin Will Soar to $250,000 in 2023, Says Billionaire Tim Draper

The rout of the cryptocurrency market in 2022 scared away individual investors. 

The latter had flooded the sector a year earlier in the midst of the crypto craze in the hope of making a quick buck. 

But the fall in prices of most cryptocurrencies and numerous scandals have crushed all these dreams. 

The crypto market has lost over $2.1 trillion from its all-time high of over $3 trillion reached in November 2021. This drop means that investors have seen the value of their portfolios melt away. For some individual investors, almost all of their savings have evaporated. 

Bitcoin (BTC), the world’s leading cryptocurrency by market value, has fallen from am all-time high of $69,044.77 reached on November 10, 2021 to $16,746.62 currently, according to data firm CoinGecko. When many individual investors joined the crypto craze at the end of 2021, BTC evangelists predicted that the cryptocurrency was on its way to hitting $100,000 before the end of 2021.

FOMO

Lured by these tantalizing predictions, many retail investors gave in to FOMO, which stands for Fear of Missing Out. FOMO is a crypto acronym used generally for anxiety of missing out on making money.

While the market slump has chilled amateur investors, BTC and crypto evangelists have not lost faith even as they got their fingers burned. This is the case of billionaire venture capitalist Tim Draper. He predicted that bitcoin would hit $250,000 by the end of 2022. 

He just reiterated that prediction for 2023 in an email to CNBC. Given the current price of bitcoin, this means the digital currency will soar 1,400%.

“My assumption is that since women control 80% of retail spending, and only 1 in 7 bitcoin wallets are currently held by women that the dam is about to break,” Draper told the news outlet.

Draper believes that there are positive factors to restart the rise of cryptocurrency.

“I suspect that the halvening in 2024 will have a positive run,” the founder of Draper Fisher Jurvetson told CNBC.

The halving is an essential phenomenon of the Bitcoin protocol which takes place approximately every four years. It…

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