Since its October low, Bitcoin has experienced a huge rebound. At the time of writing, Bitcoin has risen from $11,000 to $27,800. BTC peaked at $27,900 a few hours ago, and as Wall Street resumes work next week, it may see a rise in the next few days.
Long-term venture capitalist Tim Draper believes that Bitcoin has a lot of room for growth in the long run.
He recently wrote on Twitter that he believes Bitcoin will grow tenfold by the end of 2022 or early 2023, which means that he believes that Bitcoin may reach $250,000 in the next two years.
Draper has long touted this view in interviews and social media channels. Years ago, he bought Bitcoin for the first time for hundreds of dollars at the Silk Road auction.
He believes that Bitcoin will rise to this level over time as the leading cryptocurrency proves to be a payment network. Draper is also a supporter of the Lightning Network, and he believes that scaling solutions will give Bitcoin an advantage over traditional payment networks in the next few years.
Draper is a well-known Silicon Valley venture capitalist who has invested in companies such as Skype, Coinbase, Baidu, SpaceX, and Tesla. He is known as the “Godfather of Silicon Valley Venture Capital” and his net worth is estimated to be approximately US$1 billion.
Draper is not the only analyst predicting that Bitcoin will rise to $250,000 or higher in future market cycles.
Global CIO Scott Minerd of Guggenheim Investments recently stated that Bitcoin may reach $400,000 in the next few years due to its scarcity and potential ability to seize market share from gold.
Guggenheim Investments is a well-known investment company headquartered in the United States. The company manages billions of dollars in assets and has publicly disclosed that it has distributed Bitcoin in the past two months.
Minerd said in an interview with Bloomberg: “Our basic work shows that the value of Bitcoin should be about $400,000. It is judged based on scarcity and relative valuation, such as the percentage of gold’s market value.”
Although he was the first Wall Street executive to make such a high price forecast, there are now many other mainstream figures who are beginning to support the cryptocurrency.
For example, Cynthia Lummis of Wyoming, also an incoming U.S. senator who is now a Bitcoin supporter, said in an interview with Fox that she believes that one of her main priorities is to persuade congressmen that Bitcoin is a Investment is valuable.
