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    Bitcoin Will Touch $250,000 by 2022-End, Billionaire Tim Draper Stays Bullish Despite Recent Dip

    Billionaire venture capitalist Tim Draper said he will stick to his original forecast that Bitcoin will hit $ 2.50,000 by late 2022 or early 2023, despite the massive collapse of the top cryptocurrencies a few weeks ago . Draper, who has invested in Bitcoin, said he was “fairly certain” that the world’s largest cryptocurrency is headed in this direction and will gain acceptance over time. He had first made the prediction in 2018 when Bitcoin was trading at $ 8,000.

    Major cryptocurrencies lost a large part of their value in the recent market crash after being heavily criticized for boosting fossil fuel consumption and China cracking down on their trade. Bitcoin, which saw a meteoric surge this year, had hit an all-time high of nearly $ 65,000 before losing more than 50 percent in value last month.

    “I think I’ll be right here,” Draper told CNBC, adding, “I’m either really right or really wrong. I’m pretty sure it’s going in that direction. “

    At the time of writing, Bitcoin was priced at $ 39,000

    Draper’s proposed schedule is more than a year away and he said his prediction will hold because by then more people would start trading cryptocurrencies. “Give about a year and a half and retailers will all be betting on OpenNode (a bitcoin payment processor) so everyone will accept bitcoin,” he said.

    Not many companies currently accept payments in cryptocurrencies directly or through third-party digital wallets. Draper has also based his prediction on a possible surge in demand as more people use them, given that there are only 21 million bitcoins available for “mining” in total. Over 18 million bitcoins are already in circulation.

    Draper, 63, is a seasoned venture capitalist who built his fortune by investing early in Twitter, Skype, Tesla, and SpaceX.

    Regarding Dogecoin, which has been repeatedly endorsed by Tesla and SpaceX CEO Elon Musk, he said it could have potential because “it makes us all smile,” but engineers aren’t working on it and everyone is focused on Bitcoin. At the time of writing, the Dogecoin price in India was Rs. 23.7.

    Last week, Bitcoin received its first upgrade in four years. It’s slated to go into effect in November and is likely to make transactions more efficient and provide more privacy.

    Draper said he believes that despite its massive energy consumption, which was also noted by Musk, Bitcoin will be a major player in all financial activity for the next two to three decades.

    “Elon is first and foremost one of the most brilliant men in the world, perhaps the most brilliant, [but] he got it wrong, ”Draper said last week.

    Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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