Tim Draper predicts Bitcoin to reach $250K within six months

Venture capitalist Tim Draper has renewed his bullish outlook on Bitcoin, predicting the cryptocurrency will reach $250,000 within six months.

Draper made the forecast following an appearance on the Divot podcast, where he discussed Bitcoin’s long-term potential against the US dollar.

“Bitcoin against the dollar is a really good bet,”

Tim Draper said.

In a post on X, Draper reiterated his view that Bitcoin’s growth will eventually undermine the dominance of the US dollar.

Draper recalled purchasing his first Bitcoin at $4 before losing his holdings in the Mt. Gox collapse.

“I bought my first bitcoins at $4, lost everything to Mt. Gox and bought back in at a US Marshals auction when I paid over market at $632,”

Tim Draper said.

He noted that earlier predictions, including a $10,000 Bitcoin price by 2017, were initially dismissed but later materialised.

Draper said his subsequent forecasts were delayed by what he described as misguided government intervention.

“Now I’m calling $250,000 in six months and then $1 million, $2 million, maybe $10 million before Bitcoin eclipses the use of the dollar,”

Tim Draper said.

He argued that Bitcoin’s expanding network contrasts with what he sees as the declining strength of the US dollar.

Draper also linked his market outlook to his broader belief in entrepreneurship and risk-taking.

He said Draper University has helped thousands of founders launch companies by encouraging them to embrace uncertainty.

At the time of reporting, Bitcoin price was $92,442.73.