Tim Draper, renowned Silicon Valley investor, has doubled down on his bullish outlook for bitcoin, projecting a 30-fold increase in its value. Speaking with Moneycontrol and later Benzinga in November, Draper outlined his unwavering confidence in bitcoin’s dominance as a global currency.
When bitcoin surpassed $90,000, he predicted it could increase 30-fold, potentially reaching close to $3 million. Draper said:
There’s no reason why bitcoin doesn’t go up about 30 times from here.
He explained: “Bitcoin is going to be the currency of the future. I don’t know if it’s five years from now, 10 years from now or when it’s going to be. But there will be a moment in time when you can buy your food, your clothing, your shelter, all in bitcoin, pay your taxes in bitcoin.”
The investor reflected on his track record of BTC predictions: “My first prediction was in 2014 when bitcoin was at $180. I said that it would be $10,000 in three years. Sure enough, by the end of 2017, bitcoin hit $10,000. Since then, I have not been as prescient. I thought bitcoin would hit $250,000 by 2022! I think I am going to be three years off.” He attributed the delay to “a weak government that regulated rather than encouraged new technologies.”
Draper has expressed enthusiasm about the incoming Trump administration’s potential impact on the private sector. “Our new government is more encouraging,” he noted. President-elect Donald Trump’s recent election victory has significantly impacted the cryptocurrency landscape. Bitcoin’s value has surged to all-time highs, driven by expectations of a more lenient regulatory environment under his administration. Trump has pledged to position the U.S. as the “crypto capital of the planet,” proposing initiatives such as creating a strategic national bitcoin stockpile and appointing pro-crypto figures to key regulatory positions.
Draper believes bitcoin could reach $120,000 by year-end and holds firm to his $250,000 prediction for 2025, citing the potential U.S. bitcoin reserve as a key factor.
“This is just the beginning! If you are asking about price prediction, I would say bitcoin will reach about $120,000 by end of year,” he shared. “Assuming a standard supply and demand curve, if there is a big buyer like that, the price will continue to rise.” The venture capitalist opined:
I think 2025 is the year bitcoin will finally hit my mark of $250,000.
He also emphasized bitcoin’s advantages over traditional banking systems, calling it a superior, transparent technology that will save money and increase wealth globally. “It is a long-term trend. Bitcoin is just better technology than using banks and governments as the trusted third party. It is transparent, global, open, keeps perfect records, etcetera. It will make the world wealthier. When retailers (for currency) and governments (for taxes) realize that bitcoin will save them money on each transaction, then there will be a great incentive for everyone to use bitcoin,” Draper described.
He believes that at the current price, BTC is undervalued. “Well, I think it’s cheap, because when bitcoin really becomes the dominant currency of the world, who’s going to want a government currency?” he stated. Regarding whether he is buying more BTC, Draper revealed: “I continue to buy. But I do it in this way … We accept bitcoin for rent. We accept bitcoin for tuition (for Draper University). We accept bitcoin for everything. And so I just keep getting bitcoin.”
