According to U.Today, in a recent interview, renowned venture capitalist Tim Draper has made a bold prediction about the future of Bitcoin. He believes that the cryptocurrency's price could potentially skyrocket to $10 million. Draper suggests that this could happen when Bitcoin becomes a universally accepted form of payment for everyday necessities such as food, clothing, and shelter, as well as taxes. He believes that once this happens, people will not want to use any other currency.
Draper, who has a reputation for his early investments in companies like Skype, also anticipates a devaluation of the U.S. dollar against Bitcoin. He also spoke about the upcoming halving event, predicting that it will trigger another surge in the price of the world's largest cryptocurrency.
It's important to note that this halving cycle is unique because Bitcoin's price reached a new all-time high before the block reward reduction, largely due to the success of spot ETFs. Draper referred to these ETFs as an 'accelerant' that he hadn't anticipated.
Draper, an early Bitcoin investor, had previously accurately predicted that Bitcoin would surpass $10,000 in 2017. He has also repeatedly forecasted that Bitcoin would hit $250,000 in 2022, a prediction that turned out to be incorrect. Draper admitted that his overconfidence may have led to this inaccurate prediction, and he also blamed heavy-handed regulators for slowing down the progress of Bitcoin. He had expected Bitcoin payments to become widespread in 2022, but this did not happen. 'Those are the two things that slowed down the progress,' he concluded.