- VC Tim Draper predicts $250,000 per BTC by the end of 2024.
- Draper cites the changing political scene and the halving, but Arthur Hayes disagrees.
American venture capitalist (VC) investor Tim Draper expects an increase of 3.5x Bitcoin [BTC] at the end of the year. In a recent one interviewthe VC predicted that Bitcoin could reach $250,000 by the end of 2024.
“Maybe by the end of this year, if I had to predict, $250,000 by the end of this year. It looks pretty good.”
This projection implies a significant increase of 3.5x from the current price of around $70,000, underscoring BTC’s potential upside.
The VC had previously predicted the same target for BTC in the first quarter of 2023. But the prediction did not come true. However, his 2014 prediction that BTC would reach $10,000 within three years was confirmed.
Political, macro and Bitcoin price predictions
When asked why his $250,000 per BTC didn’t happen in the first quarter of 2023, Draper joked:
“I was a little too optimistic. I didn’t expect all the resistance from bureaucrats in a free country. I expected a free country to be a free country and let the markets decide what happened up there.”
Draper added: “Great leaders are those who trust people and set them free. And the weak leaders are the ones who try to control everyone with their fiat money.” He noted that great leaders are now emerging.
About the upcoming halving event, the VC was quite optimistic, as he said:
“If you’re an investor in the stock market, they say don’t bet against the Fed. If you are a Bitcoin buyer, don’t bet against the halving.”
He emphasized that the supply shock after the halving could further increase the BTC price.
But on a different note, says BitMEX founder Arthur Hayes predicted the halving as a ‘sell-the-news’ event, citing an expected liquidity crisis around mid-April.
“Given that the halving is taking place at a time when dollar liquidity is tighter than normal, this will drive a frenzy of crypto asset selling.”
Meanwhile, BTC extended its short-term price consolidation around the previous cycle high.
It was capped between $68.3K and $71.5K, with only a few days until the halving. The indecisiveness in the market shows that more and more players are taking the sidelines as the halving approaches.