Venture capitalist Tim Draper is well known for his Bitcoin (CRYPTO: BTC) price predictions over the years. In a new interview, Draper is sticking with a price target of $250,000 for the leading cryptocurrency.
What Happened: Draper is best known for his 2014 prediction that Bitcoin would reach a price of $10,000 within three years, a feat it later accomplished in the three-year time period.
In recent years, Draper has landed on a $250,000 price prediction for Bitcoin, which the leading cryptocurrency has not yet hit with the current all-time high sitting at around $109,000 in January.
“$250,000 by the end of this year,” Draper confirmed as his prediction during a recent appearance on “The Raz Report” podcast with Benzinga founder Jason Raznick.
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While this is Draper’s price target, he said that people should really change how they recognize the “price” of Bitcoin.
“We should really be not comparing it to the dollar anymore.”
Draper said that if you look at Bitcoin to the US Dollar, you see the dollar just falling off the map.
“I think you should be comparing Bitcoin to a dozen eggs.”
See Also: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
What’s Next: Draper said one of the big moments for Bitcoin in the future will be when he can buy food, clothes and shelter with Bitcoin and pay his taxes with it, further eliminating the need to have fiat currency.
“Bitcoin appreciates in value over time and fiat depreciates in value over time,” Draper said. “So your dollars that you have are worth less. And that’s what inflation is about.”
Draper said this is the result of governments producing more money.
The venture capitalist said he hopes fiat money is the game of the past.
“Bitcoin is the game of the future.”
Draper discussed various transitions that have happened over time like moving from riding horses to driving cars and people previously trading with shells, then gold and then with the promise of gold or the government (fiat money) before moving onto Bitcoin.
“That will be the dominant currency of the world in five to ten years.”
