Billionaire Investor Tim Draper Still Believes Bitcoin Will Hit $250,000 By End Of 2022

Billionaire venture capitalist Tim Draper still believes Bitcoin BTC/USD will hit $250,000 by the end of next year or early 2023 despite the recent downturn.

What Happened: According to a Monday CNBC report, Draper confidently stated that he thinks he is "going to be right on this one," talking about his price prediction.

Draper has been making his BTC price bets for the next year since 2018. 

What It Means: The investor explained that he expects the leading cryptocurrency to be much more widely used by the end of 2022 since, in his view, retailers will start accepting the cryptocurrency in mass in "about a year and a half."

Draper believes Bitcoin will be at the center of all the world's financial activity for the next 20 to 30 years. 

At the same time, he does not believe that $250,000 will be the end of the road for Bitcoin.

“Then beyond that, I think [bitcoin] continues up because there are only 21 million of them," he added.

Read also: Why This On-Chain Analyst Lowered His Bitcoin Price Prediction To $200,000 By Year-End

Draper was referring to the limit of 21 million BTC that will ever be mined, ensured by the blockchain's code. With over 18 million BTC already in circulation, under 3 million will be created in the future.

What Else: Draper also talked about Dogecoin DOGE/USD — Elon Musk's favorite crypto, which was created as a joke — admitting that "there must be something to" it "because it makes us all smile, but no engineers are working on it."

Bitcoin, on the other hand, got its first upgrade in four years. Called Taproot, the upgrade will activate in November, making Bitcoin transactions more private, secure, and efficient.

Image: Web Summit via Wikipedia