• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
Bitcoin

Why This Bitcoin Bull Still Believes Its Price Will Top $250,000 In 2023

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin bull Tim Draper extended his prediction on the price of the cryptocurrency. The venture capitalist and investor said the cryptocurrency would reach $250,000 by the end of 2022, but now he expects it to hit that level by mid-2023. 

Related Reading: FTX Fallout: This Convicted Scammer Thinks SBF’s Media Apology Tour Is ‘Insincere Garbage’

This year the cryptocurrency and the crypto market lost over 80% of their value and total market capitalization. A tightening macroeconomic landscape, a hawkish U.S. Federal Reserve (Fed), and high inflation triggered the decline in the price of Bitcoin. Still, Draper believes two key factors will resume the bull run. 

Bitcoin BTC BTCUSDT
BTC’s price moving sideways after a crash on the 4-hour chart. Source: BTCUSDT Tradingview

Goods News For Bitcoin, But Bad News For Altcoins?

The venture capitalist is well-known in crypto for buying Bitcoin at a U.S. Marshals auction. At that time, the BTC price was hovering at around $1,000. Draper predicted that in three years, the price of the number one cryptocurrency would increase by 10-fold and reach $10,000. 

This prophecy was fulfilled and was exceeded precisely three years later when the BTC price traded at $20,000. In an interview with CNBC, the venture capitalist said: 

I have extended my prediction by six months. $250k is still my number. I expect a flight to quality and decentralized crypto like bitcoin, and for some of the weaker coins to become relics.

The crypto would need to overcome significant opposition to hit this number. In addition to a tightening macroeconomic environment, The collapse of trading venue FTX and hedge fund Three Arrows Capital (3AC).

These companies’ failure has negatively affected the confidence of investors. However, Draper believes that 2023 will see buying pressure for the cryptocurrency. 

First, new users might jump into the market due to high inflation. Draper believes the imbalance between the number of men holding BTC versus the number of women will decrease. 

Data provided by CNBC, according to a recent survey, indicates that 14% of men invest in digital assets versus 7% of women. The latter will invest in Bitcoin as they realize its potential to compound profits and defeat inflation. Draper said: 

Retailers will save roughly 2% on every purchase made in bitcoin vs dollars. Once retailers realize that that 2% can double their profits, bitcoin will be ubiquitous.

The Best Years Are Yet To Come For BTC

In addition, Draper claims that the upcoming Bitcoin Halving, set for 2024, will operate as another bullish factor. In the past, this event has always preceded BTC’s next bullish cycle as the demand for the cryptocurrency declines while its supply decreases. 

Related Reading: Another Genesis Creditor Group’s Loans Amount To $1.8B, Numbers Likely To Increase

High inflation and lack of trust in the legacy financial system will fuel these two factors, Draper said:

Management of fiat is centralized and erratic. When a politician decides to spend $10 trillion, your dollars become worth about 82 cents. Then the Fed needs to raise rates to make up for the spend, and those arbitrary centralized decisions create an inconsistent economy.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Reynaldo Marquez

Reynaldo Marquez

Follow

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Full Profile

Related Posts

Bitcoin

Historic Kimono Brand Changes Name To ‘Bitcoin Japan’ In Rebranding Move

19 hours ago
Bitcoin bull

Bitcoin Price Reaches ‘Critical Junction’: How A Rally To $139,000 Would Play Out

1 day ago
Bitcoin

Bitcoin Long-Term Holders Easing Off On Sales—What’s Happening?

2 days ago
Bitcoin

Is A Bitcoin Avalanche Coming? Samson Mow Sees ‘Suddenly’ Adoption Phase Ahead

2 days ago
Bitcoin

Bitcoin Negative Divergence Hints At Imminent Selling Pressure—Is ‘Uptober’ Under Threat?

3 days ago
Bitcoin

Fed Chair Choice May Be Bitcoin’s Biggest Bull Trigger, CEO Says

3 days ago

Premium Sponsors

Press Releases

  • 距離上線僅剩3周:Snorter代幣ICO融資突破 415...

    20 hours ago
  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    5 days ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    7 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    1 week ago
  • Snorter надхвърли $4 милиона след...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.