{"id":470609,"date":"2021-09-01T23:00:30","date_gmt":"2021-09-01T23:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=470609"},"modified":"2024-06-11T13:58:13","modified_gmt":"2024-06-11T13:58:13","slug":"bitcoin-at-250000-tim-draper","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-at-250000-tim-draper\/","title":{"rendered":"We\u2019re Right On Track For Bitcoin At $250,000, Billionaire Tim Draper"},"content":{"rendered":"

Bitcoin has been a part of billionaire Tim Draper\u2019s investment portfolio for a while now. Draper had first gotten into bitcoin in 2011 when Peter Vincennes had convinced him to buy the digital asset. Draper had bought $250,000 worth of BTC, which he subsequently lost after the now-defunct Mt. Gox exchange crashed, where Draper had kept his coins.<\/p>\n

Despite this, the billionaire was not deterred. So when another opportunity presented itself in the form of U.S. Marshalls auctioning off bitcoins seized from criminals, Draper took advantage of this opportunity. At the auction, Draper had bought 29,656 bitcoins at $632 apiece<\/a>, which had totaled $18.74 since the coins were sold for $14 above the going rate on exchanges.<\/p>\n

Related Reading |\u00a0Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1<\/a><\/strong><\/em><\/p>\n

The investor has never backed down from his belief in the future of cryptocurrencies, especially bitcoin. Even giving some very optimistic predictions regarding the price of the asset in the coming years.<\/p>\n

Draper Predicts Bitcoin At $250,000 By 2022<\/h2>\n

The first time the billionaire had made this prediction<\/a> had been in 2018. Back then, the price of the digital asset was still trading below $10,000, so this did not seem as believable as it might be today. But Draper never faltered on his prediction.<\/p>\n

The driving factor behind this prediction has been that the billionaire believes bitcoin will become an accepted mode of payment everywhere. Another important factor lies in the fact that there is a limited supply of BTC. This self-induced scarcity of the digital asset has the billionaire believing that the price will keep going up, saying, \u201cbecause there are only 21 million of them.\u201d<\/p>\n

Related Reading |\u00a0Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End<\/a><\/strong><\/em><\/p>\n

Only one thing has differed in Draper\u2019s price prediction for bitcoin. The billionaire had adjusted the timeline for his prediction by moving it farther to late 2022 or early 2023. But the price prediction remains unmoved at $250,000.<\/p>\n

Trends Put BTC On Track For $250,000<\/h2>\n

Venture capitalist Tim Draper was on Benzinga’s Crypto Festival<\/a> to talk about the number 1 cryptocurrency. Draper noted some trends which he believes will be the driving force behind bitcoin hitting $250,000 in 2022. Widespread adoption was one of these trends. He noted that people will eventually be able to use BTC in the way they currently use fiat currency. \u201cOne that happens,\u201d Draper said, \u201cthere\u2019s going to be a switch thrown in people\u2019s heads.\u201d<\/p>\n

Related Reading |\u00a0Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is \u201cWorthless\u201d<\/a><\/strong><\/em><\/p>\n

A second trend the billionaire sees pushing bitcoin towards this price prediction is the inflation rate. Since governments have been constantly printing money, people have become worried about the future of their savings. This will push more investors into BTC as a way to hedge against the inevitable high rate of inflation that will follow limitless money printing.<\/p>\n

The rise in bitcoin uses in retail spending was set to go higher, Draper said. Noting that women do about 80% of total retail spending, Draper sees women demanding more ways to pay with bitcoin. Explaining that the number of women investing in bitcoin had grown tremendously, growing from one in 14 BTC wallets owned by women to one in three BTC wallets currently owned by women.<\/p>\n

\"Bitcoin<\/p>\n

BTC price still trading north of $47,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
When asked when he planned to sell his coins, the billionaire replied, \u201cWhy would I want to sell the future currency for the past currency? I just can\u2019t imagine anything more important for humanity than this.\u201d As for Draper\u2019s $250,000 prediction for the digital asset\u2019s price in late 2022 or early 2023, he said, \u201cI think we\u2019re right on track.\u201d<\/p>\n
Featured image from AtoZ Markets, Chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has been a part of billionaire Tim Draper\u2019s investment portfolio for a while now. Draper had first gotten into bitcoin in 2011 when Peter Vincennes had convinced him to buy the digital asset. Draper had bought $250,000 worth of BTC, which he subsequently lost after the now-defunct Mt. Gox exchange crashed, where Draper had kept his coins. Despite this, the billionaire was not deterred. So when another opportunity presented itself in the form of U.S. Marshalls auctioning off bitcoins seized from criminals, Draper took advantage of this opportunity. At the auction, Draper had bought 29,656 bitcoins at $632 apiece, which had totaled $18.74 since the coins were sold for $14 above the going rate on exchanges. Related Reading |\u00a0Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1 The investor has never backed down from his belief in the future of cryptocurrencies, especially bitcoin. Even giving some very optimistic predictions regarding the price of the asset in the coming years. Draper Predicts Bitcoin At $250,000 By 2022 The first time the billionaire had made this prediction had been in 2018. Back then, the price of the digital asset was still trading below $10,000, so this did not seem as believable as it might be today. But Draper never faltered on his prediction. The driving factor behind this prediction has been that the billionaire believes bitcoin will become an accepted mode of payment everywhere. Another important factor lies in the fact that there is a limited supply of BTC. This self-induced scarcity of the digital asset has the billionaire believing that the price will keep going up, saying, \u201cbecause there are only 21 million of them.\u201d Related Reading |\u00a0Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End Only one thing has differed in Draper\u2019s price prediction for bitcoin. The billionaire had adjusted the timeline for his prediction by moving it farther to late 2022 or early 2023. But the price prediction remains unmoved at $250,000. Trends Put BTC On Track For $250,000 Venture capitalist Tim Draper was on Benzinga’s Crypto Festival to talk about the number 1 cryptocurrency. Draper noted some trends which he believes will be the driving force behind bitcoin hitting $250,000 in 2022. Widespread adoption was one of these trends. He noted that people will eventually be able to use BTC in the way they currently use fiat currency. \u201cOne that happens,\u201d Draper said, \u201cthere\u2019s going to be a switch thrown in people\u2019s heads.\u201d Related Reading |\u00a0Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is \u201cWorthless\u201d A second trend the billionaire sees pushing bitcoin towards this price prediction is the inflation rate. Since governments have been constantly printing money, people have become worried about the future of their savings. This will push more investors into BTC as a way to hedge against the inevitable high rate of inflation that will follow limitless money printing. The rise in bitcoin uses in retail spending was set to go higher, Draper said. Noting that women do about 80% of total retail spending, Draper sees women demanding more ways to pay with bitcoin. Explaining that the number of women investing in bitcoin had grown tremendously, growing from one in 14 BTC wallets owned by women to one in three BTC wallets currently owned by women. BTC price still trading north of $47,000 | Source: BTCUSD on TradingView.com When asked when he planned to sell his coins, the billionaire replied, \u201cWhy would I want to sell the future currency for the past currency? I just can\u2019t imagine anything more important for humanity than this.\u201d As for Draper\u2019s $250,000 prediction for the digital asset\u2019s price in late 2022 or early 2023, he said, \u201cI think we\u2019re right on track.\u201d Featured image from AtoZ Markets, Chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":470612,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1144,78790,4144,79520],"class_list":["post-470609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-tim-draper","tag-xbtcusd"],"acf":[],"yoast_head":"\nWe\u2019re Right On Track For Bitcoin At $250,000, Billionaire Tim Draper<\/title>\n<meta name=\"description\" content=\"Bitcoin has been a part of billionaire Tim Draper\u2019s investment portfolio for a while now. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"We\u2019re Right On Track For Bitcoin At $250,000, Billionaire Tim Draper","url":"http:\/\/wncen.com\/news\/bitcoin-at-250000-tim-draper\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-at-250000-tim-draper\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/Draper.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/Draper.png?fit=696%2C449"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusd","btcusdt","tim draper","xbtcusd"],"dateCreated":"2021-09-01T23:00:30Z","datePublished":"2021-09-01T23:00:30Z","dateModified":"2024-06-11T13:58:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"We\\u2019re Right On Track For Bitcoin At $250,000, Billionaire Tim Draper\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-at-250000-tim-draper\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-at-250000-tim-draper\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/Draper.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/Draper.png?fit=696%2C449\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\",\"tim draper\",\"xbtcusd\"],\"dateCreated\":\"2021-09-01T23:00:30Z\",\"datePublished\":\"2021-09-01T23:00:30Z\",\"dateModified\":\"2024-06-11T13:58:13Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/Draper.png?fit=696%2C449","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=470609"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/470612"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=470609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=470609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=470609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}