Bitcoin and crypto prices have rocketed higher in recent weeks, erasing an April bitcoin price plummet as an unconfirmed leak suggests Mark Zuckerberg is quietly gearing up to blow up the crypto market.
The bitcoin price has topped $104,000 per bitcoin, coming back to within touching distance of its all-time high as Wall Street companies are reportedly betting on a Donald Trump-fueled bitcoin price rally.
Now, as a Federal Reserve “nightmare” is suddenly coming true, bitcoin billionaire Tim Draper has predicted the bitcoin price will go to “infinity” against a collapsing U.S. dollar.
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Tim Draper, founder of Draper Associates and bitcoin billionaire, has predicted the bitcoin price … More
“There won’t be a dollar,” Draper, whose wealth Forbes put at $2.6 billion this year, told Coindesk, predicting the dollar will be replaced by bitcoin in “10 years, something like that. It may be a little less.”
Draper, whose fortune was made when he bought almost 30,000 bitcoin from a government auction of Silk Road black market assets for just $632 per bitcoin in 2014, repeated his earlier bitcoin price prediction of $250,000 by the end of 2025 and adding that after a decade it will be “infinity against the dollar.”
“Once I can buy my food, my clothing, my shelter, pay my taxes, all in bitcoin …. there won’t be any reason to hold onto any [dollars] and bitcoin will be the primary source of owning wealth,” Draper said, adding bitcoin “is a better way to collect taxes.”
This year, U.S. president Donald Trump’s embrace of bitcoin and crypto has accelerated predictions of bitcoin’s rise through the financial world.
Trump has declared himself the first “crypto president,” established a U.S. bitcoin strategic reserve and directing his administration to fast track pro-crypto regulation that will see dollar-pegged cryptocurrencies called stablecoins included in the financial system.
Draper’s prediction of the bitcoin price going to “infinity” against a collapsing U.S. dollar is hinged on his fear of spiraling inflation caused by government money printing that will in turn result in bank runs.
“Stablecoins are subject to inflation. They will inflate if the government prints too much money,” Draper said, pointing to bitcoin’s fixed supply of around 21 million. “They will be worth less and less and less over time, whereas bitcoin is not subject to that.”
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The bitcoin price has soared back to its all-time highs this year with bullish traders betting it … More
Meanwhile, bitcoin and crypto traders are cheering the latest rebound in the bitcoin price, which has pushed the combined crypto market to around $3.5 trillion as Trump’s global trade war shows signs of easing and the fleet of Wall Street spot bitcoin exchange-traded funds (ETFs) continue to suck up bitcoin.
“Bitcoin is poised to break above $106,000. But this isn’t just about technicals—several powerful catalysts are aligning,” Markus Thielen, the chief executive of 10x Research, said in an emailed note.
“Bitcoin has been hovering around the $104,000 level for the sixth day, experiencing increased rotation,” Alex Kuptsikevich, FxPro chief market analyst, said in emailed comments.
“This is quite expected behaviour as we approach the all-time highs of December and January, which served as turning points.”
