Tim Draper Now Says 'Have To Wait A Little Longer' For Bitcoin To Hit $250K: 'Engineers Are Hard At Work'

Billionaire and long-time Bitcoin advocate, Tim Draper on Saturday revised his prediction for Bitcoin BTC/USD to surpass the $250,000 mark. 

What Happened: Draper, a venture capitalist on Twitter, admitted his previous forecast that BTC would reach $250,000 by 2023 was a bit optimistic.

As Bitcoin currently trades slightly above $30,000, Draper now extends the timeline for his price target.

According to the billionaire, he now believes Bitcoin has the potential to soar past $250,000 by 2025.

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’

Why It Matters: Acknowledging his previous prediction, Draper tweeted, “So much for my predictive abilities… It is June 30, 2023. When Bitcoin was $4,000, I predicted it would reach $250,000 (60x) by now. It has only reached $30,000 (7x). I guess we have to wait a little longer, (maybe two years) but engineers are hard at work.”

Draper has long been a supporter of Bitcoin and has gained a reputation for making accurate early predictions regarding cryptocurrency.

One notable instance was in 2014 when Draper predicted that Bitcoin would reach $10,000 within three years. His prediction came true in November 2017 when Bitcoin surpassed the $10,000 mark.

In 2018, when Bitcoin was trading at around $8,000, Draper made another bold prediction, stating it would reach $250,000 by the end of 2022 or early 2023. 

Price Action: At the time of writing, BTC was trading at $30,644.67, up 0.75% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Rise After SEC Labels ETF Filings From BlackRock, Fidelity ‘Inadequate’ — Analyst Says King Crypto Could Touch $310K If Institutions Do This

Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!