- Tim Draper, a billionaire venture capitalist, has predicted that the price of Bitcoin will reach $250,000 by 2024. He previously forecasted $250,000 by 2022, but regulatory issues in the U.S. have slowed adoption.
- Several factors could help drive Bitcoin’s price higher, including SEC approval of a spot Bitcoin ETF, greater adoption in developing countries, and continued institutional investment.
- While $250,000 seems optimistic, Bitcoin has exceeded expectations before. However, volatility is likely on the path to that price target.
Draper Remains Bullish on Bitcoin
Draper has established himself as one of the most vocal Bitcoin bulls. He previously predicted that Bitcoin would hit $250,000 by 2022. While that forecast didn’t come to fruition, Draper remains steadfast in his belief that Bitcoin is headed towards significantly higher prices.
Speaking to Coin Bureau, Draper explained that regulatory issues in the U.S. have slowed adoption and price appreciation. However, he expects acceptance to improve. Once it does, Draper believes Bitcoin could quickly surge past $250,000.
Factors That Could Propel Bitcoin Higher
Several developments could help catapult Bitcoin prices in 2024, including:
SEC Approval of Spot Bitcoin ETF
The cryptocurrency industry is optimistic that the SEC will finally approve a spot Bitcoin exchange-traded fund (ETF) in 2023 or 2024. This would allow mainstream investors to gain exposure to Bitcoin through traditional brokerage accounts.
Greater Adoption in Developing Nations
Countries like El Salvador have embraced Bitcoin as legal tender. If more developing nations follow suit, demand for Bitcoin could surge dramatically.
Continued Institutional Investment
Major companies like MicroStrategy continue to add Bitcoin to their corporate treasuries. More institutional investment could remove supply from circulation and propel prices upward.
While Draper’s $250,000 target may seem overly optimistic, Bitcoin has already exceeded expectations throughout its history. If favorable conditions align, Bitcoin could once again surprise to the upside. However, the road to $250,000 likely won’t be smooth, so investors should brace for volatility along the way.