Bitcoin (BTC), the largest cryptocurrency, has dropped almost 65 percent over the year. But that doesn’t stop some high-profile figures in the financial and crypto world from setting incredibly high future price targets. For example, billionaire venture capitalist Tim Draper recently set a $250,000 price target for Bitcoin. He thinks that BTC will see this level by June 2023. Meanwhile, consulting giant The Motley Fool seems to both question and agree with Draper’s prediction. Here are the details…
Biggest cryptocurrency has lofty goals
cryptocoin.com As we have reported, Tim Draper was wrong in his Bitcoin predictions before. In 2018, he predicted that Bitcoin would reach $250,000 by the end of 2022. Rather than acknowledging that it may take several years for Bitcoin to reach this target, he pulls back his prediction by six months. So what do you think will lead to a 1,470 percent rally in Bitcoin in just six months?
As Draper suggests, there is a flight effort to quality projects in the crypto market. According to The Motley Fool, this will push investors towards Bitcoin, the highest-capitalized crypto. After all the market crashes and crypto bankruptcies in 2022, both individual and institutional investors are looking to invest their money in the big names.
Everyone will use Bitcoin in the future
Moreover, as Draper points out, according to the consulting giant, Bitcoin will become a popular form of payment. People will spend instead of accumulating Bitcoin. According to Draper, Bitcoin will eventually become the preferred choice when people do all their online shopping. Draper argues that Bitcoin will become very common at some point. He suggests that people will eventually use Bitcoin to pay for all their food, clothing and shelter.
Finally, Draper theorizes that changing demographic trends in who uses Bitcoin will also lead to massively new adoption for crypto. Draper specifically points out that women who have historically lagged behind men in crypto adoption rates will eventually embrace Bitcoin much more.
How credible is Bitcoin’s $250,000?
According to the consulting giant, although there are parts of the thesis that make sense, it looks like an investment thesis stuck in 2018. There was no worldwide epidemic at that time. So it made sense to talk about Bitcoin as the future of online payments. But we saw what happened from 2019 to 2022. There has been a huge increase in online spending. Still, there was no accompanying increase in Bitcoin payment usage. If Bitcoin were to become a ubiquitous form of online payment, this would be the moment.
Moreover, even the argument that demographic growth will somehow push Bitcoin higher seems exaggerated, according to consulting experts. According to the data, approximately 145 million Americans currently own or have invested in crypto. As such, crypto has far outstripped its original core of early adopters of the technology. It now includes a much larger slice of American society. The Motley Fool experts used the following statements:
Yes, there is still untapped opportunity around the world, but we are not as optimistic as Draper about the untapped opportunity in the US market. In the long run, of course, Bitcoin could reach $250,000. It may even exceed $1 million. But in six months? Consider 2018, when Draper first made his $250,000 price prediction. At the time, Bitcoin was trading at $8,000, and Draper gave the crypto four years to reach its $250,000 goal. Now, Bitcoin is trading at roughly twice its previous price, and Draper cut the timeframe to just six months? And even weirder, in the depths of a crypto winter, he expects Bitcoin to rally more than 1,470%.
What is the consensus in the cryptocurrency market?
cryptocoin.com As we reported, Draper currently owns 30,000 Bitcoins worth more than $500 million at today’s prices. Assuming he is a rational economic actor, Draper has a genuine interest in raising the price of Bitcoin. The higher Bitcoin rises, the more its wealth increases. The growing consensus in the crypto world is that Bitcoin is close to bottoming out.
Yes, there are still people who predict that Bitcoin could drop to $10,000 in 2023, but most of the Bitcoin price predictions for 2023 want Bitcoin to rise. For example, California-based crypto hedge fund Pantera Capital predicts that Bitcoin will start to recover in 2023 before reaching $36,000 in 2024. Nearly doubling the price in two years is a more reasonable target than a big increase in six months. Analysts state that it is on the “bullish side” for BTC.
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