Can Bitcoin Hit $250K? This Ambitious Man Thinks So
How high can the leading cryptocurrency Bitcoin rise? Is there any indication it can’t just skyrocket to mindboggling values in the near future?
Well, various predictions have been made about Bitcoin. And according to one such forecaster, Bitcoin will hit $250k one day.
In fact, we have that day: its somewhere in 2022. So, in four short years, the price of Bitcoin (BTC) will be a nice round figure of $250,000.
That is according to one very ambitious and popular Bitcoin bull Tim Draper.
In early April, Draper, who has invested in the likes of Tesla and Skype, said that he believed BTC was able to reach that price.
While at a party, he tweeted that there was “serious winds (of change)” and that he had “predicted $250k in 2022,”
Tim Draper is famous for correctly predicting that Bitcoin will hit $10k before 2018. He made that prediction in 2014, incidentally when BTC was valued at a lowly $472.
And to make it known he stood by the prediction, the Fisher Jurvetson founder backed it up by buying bitcoins.
He bought about 30k BTC at an auction by the US Marshals. Bitcoin went on to hit over $10k in 2017. What’s more, it reached a new all-time high of $20k.
Though he had tried to avoid making a similar prediction, the investor took to Twitter to reveal his forecast. He said he believed the top cryptocurrency will likely hit the $250k level by 2022.
There are those that question his prediction. To many, this is just yet another of the numerous predictions in the last few months.
However, to a few others, it makes sense when looked at with respect to Bitcoin’s exponential growth in 2017. One such analyst who sees the prediction as being sensible is the CEO of investment firm BKCM Brian Kelly.
He made the remarks supporting Tim Draper’s views on CNBC. He said:
“It sounds crazy. But think about it this way: that’s four years from now. That’s a 3,000% return from here. But the last two years bitcoin has had a 4,000% return. It would be a continuation of that trend”.
Bitcoin’s pull remains its bi-focal use as a medium of exchange and as a store of value.
Although Bitcoin has had problems with scalability and high fees, it still comes about as the most suited cryptocurrency that can gain global adoption. According to Metcalfe’s law, the more the adoption rate, the higher the increase in the network value.
Many other cryptocurrency analysts and bullish investors have made more else similar predictions about the price of Bitcoin.
They include Fundstrat’s Tom Lee who believes that BTC will hit $25k by December 2018. Hedge Fund Pantera Capital too has weighed in with its own prediction of $20,000 by end of the year 2018.
There are others like John McAfee, who has predicted that it will reach $1M by 2020. What is driving these extremely bullish bets on the top coin?
Bitcoin currently trades just above $6,600 and is looking to marshal support to avoid dropping further from its all-time high.
It’s not easy to tell which direction the prices will take over the course of the year. Over the last several weeks, Bitcoin prices have been in a continuous decline.
Will it spike to hit those mammoth figures? As it stands, there’s quite some distance for the coin’s price to make before hitting the $250 level.
Do you think BTC will hit that price? For most others, the wish is to see bitcoin regain a bullish momentum and rally to a new all-time high.