The name “Tim Draper” is likely known to most cryptocurrency enthusiasts at this stage. As one of the world’s leading hedge fund managers, the man built a name for himself in the digital currency arena by serving as one of crypto’s earliest adopters. He has not only made predictions on its price, but has seemingly purchased crypto when, to an extent, nobody else wanted it.
We’re talking, of course, about when Draper first purchased all the illicit bitcoins garnered by Ross Ulbricht, the notorious developer of the Silk Road dark web platform. When Ulbricht was first caught and imprisoned, the bitcoin stash he had been accumulating for several years was ultimately auctioned off by police authorities. The auctions occurred in three separate rounds, and Draper was the man to dominate the first, purchasing more than $40,000 worth of the cryptocurrency. No doubt he’s made a ton of money on the investment since then.
At press time, Draper is backtracking a bit on his recent prediction of a $250,000 price for bitcoin by the year 2022. While he’s still confident this price will be reached within the next few years, he’s now stretching the time domain somewhat by claiming the price could be reached by the first quarter of 2023.
This isn’t too off the mark from his original prediction, but he wants to ensure his followers are right on top of the action so that should bitcoin fail to reach that initial price within three years, they’ll give it a few months of “catch up” time.
In a recent interview, Draper explains his reasoning for the slight change and states:
$250,000 by 2022, and I’m hedging a little, maybe Q1 of 2023. It may be Q1 of 2023, but it will be [$250,000] before that.
Draper also commented that bitcoin, for the time being, is being viewed as something of a “safe haven” against the potential dealings of the U.S.-China trade war initiated by President Donald Trump. Draper says that more people are viewing cryptocurrency as a means of keeping themselves and their assets safe, and that it’s no longer just a “speculative” tool.
You know, it’s interesting. [Bitcoin] has consolidated more than I thought it would. I thought there would be many more competitors at this point that were really relevant, but people have consolidated toward bitcoin because it’s decentralized and that’s why they get the flack at Facebook for being a centralized currency.
In the end, he says people trust bitcoin not only because it’s the largest form of cryptocurrency, but because it’s not controlled or issued by any bank or traditional institution. People want to be free from supervision, and bitcoin gives them the financial freedom they’re looking for.
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