In 2018, well-known investor Tim Draper predicted a bitcoin (BTC) price of 250 thousand dollars for June this year. This prediction was clearly not exactly accurate, but that doesn’t mean he’s letting go of his prediction. On the contrary: Draper still expects bitcoin to reach a value of $250,000, just a little later than he first thought. It still has to happen in 2025, he says in an interview with Bloomberg.
— Bloomberg Crypto (@crypto) July 11, 2023
SEC has thrown a spanner in the works
According to him, the reason for the delay is the strict action of the US authorities. In particular, the actions of the infamous Security and Exchange Commission (SEC) have significantly delayed the development of the crypto industry.
“I didn’t expect the American bureaucracy to be so aggressive and I thought it might recognize that it has to compete with the rest of the world.”
Draper said in the interview. The performance of the SEC has had major consequences, says Draper. Like this moved multiple crypto firms to other jurisdictions. This was anything but a good advertisement for bitcoin and this has not left the price unmoved either. But Draper believes none of this has anything to do with Bitcoin’s underlying technology.
Big Bitcoin fan
“It’s a great system, a great currency and a great way to operate. I can’t wait to set up a bitcoin-only fund, invest it all in bitcoin, have all companies in my portfolio pay employees and suppliers in bitcoin, and pay all taxes in bitcoin.
Because then there is no accounting, no auditing, no bookkeeping, it is all done with the blockchain. It’s all fair and correct.”
Draper, who probably also wants bitcoin for breakfast, was one of the very first Bitcoin proponents. He saw the light after the fall of Mt. Gox crypto exchange in 2013. After the incident, he bought 30 thousand BTC, with a current value of almost 1 billion dollars.