Bitcoin News

Bitcoin Price On Way To $250,000 By Q1 2023: Tim Draper

Eustace Cryptus | Aug 09, 2019 | 14:00

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Billionaire investor Tim Draper says Bitcoin price will be worth more than $250,000 before 2023. He also believes the digital asset will be a major method of exchange in the future.

Boxing and Bitcoin

Billionaire venture capitalist and Bitcoin bull Tim Draper is making media waves again. Draper is well known for predicting that Bitcoin will top $250,000 by 2022 and on Thursday he discussed the prediction with Yahoo Finance. 

Draper told Yahoo Finance‘s YFi PM that Grit BXNG, a boxing gym Draper invested in, will accept BTC. According to Draper, this would make the Grit BXNG the first gym in America to accept Bitcoin. 

The gym also pays instructors a startling $1,000 per hour. The company pays this rate to acquire best trainers from all around the world and co-founder Tony Robbins explained that “trainers are the new superstars, without a great trainer you’ve got nothing.” 

Robbins said, “we’re okay paying that kind of money because we’re all about the talent. If you hire the best talent people will come back.” 

$250,000 by 2022

Regarding his $250,000 Bitcoin price prediction, Draper said: 

250,000 by 2022, and I’m hedging a little, maybe Q1 2023. It may be Q1 2023, but it will be [$250,000] before that.” 

Many analysts have adjusted their price estimates upwards due to their belief that Bitcoin will rally higher than expected due to the US-China trade war and other macroeconomic factors. Draper declined to raise his price target. 

Draper believes that Bitcoin still has a strong use case as a payments mechanism and not just a store of value. This is exactly why he urged Grit BXNG to accept BTC payments as the company would be able to circumvent the expensive payment processing fees associated with credit card payments. 

Draper said: 

I’m the first customer he’s had who paid in Bitcoin, and by the way, I as a little reticent to do it because I know what that stuff’s worth.” 

Draper also referenced Facebook’s Libra cryptocurrency during the discussion and he suggested that Bitcoin will remain in a different category from its competitors because of its decentralization. 

Regarding Bitcoin’s impressive price action since April, Draper said: 

You know it’s interesting, it’s 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 Bitcon because it’s decentralized and that’s why they get flack at Facebook for being a centralized currency.” 

At the time of writing, BTC is consolidating within a narrowing symmetrical triangle and the digital-asset will need a high volume spike to help it blast above $12,000 and take out the $12,350 resistance.

If Bitcoin price is able to sustain above $12,350, then $12,500 is the next target, followed by another go at the 2019 all-time high.  

Do you think Draper’s BTC price prediction will come true? Share your thoughts in the comments below! 

Images via Bitcoinist Image Library