Tim Draper Still Thinks Bitcoin Can Reach $250K – Just 2 Years Later Than He Expected

The billionaire investor predicted that the cryptocurrency would reach $250,000 by June 2023, but he said he wasn’t expecting the U.S. to be so aggressive in its enforcement actions.

AccessTimeIconJul 11, 2023 at 8:23 p.m. UTC
Updated Jul 11, 2023 at 8:46 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Even though billionaire investor and venture capitalist Tim Draper was clearly wrong when he predicted bitcoin (BTC) would reach $250,000 in June 2023, he said he still believes that it will happen eventually, maybe in 2025.

“I wasn’t really expecting for the U.S. bureaucracy to be this aggressive and I thought that maybe they would be recognizing that they got to compete with the rest of the world,” Draper admitted in an interview on Bloomberg TV on Tuesday.

  • Bitcoin's Triangular Consolidation Offers Bullish Outlook: Technical Analysis
    Bitcoin's Triangular Consolidation Offers Bullish Outlook: Technical Analysis
  • October Was 'Uptober' for Bitcoin
    October Was 'Uptober' for Bitcoin
  • Bitcoin's Price Rallied 28% in October as Crypto Rally Widened
    Bitcoin's Price Rallied 28% in October as Crypto Rally Widened
  • How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
    How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
  • He said that the Security and Exchange Commission’s (SEC) recent enforcement actions against crypto companies, such as Coinbase and Binance, have been driving entrepreneurs out of the United States, which in turn has hurt the price of bitcoin.

    But that doesn’t change how valuable bitcoin and its underlying technology are, according to Draper.

    "It's a great system, it's great currency, it's a great way to operate," he said. "I can't wait until I can raise a fund all in bitcoin, invest it all in bitcoin, have my portfolio companies all pay their employees and suppliers all in bitcoin and have taxes all paid in bitcoin, and have the waterfall all fall into people's bitcoin wallets. Because then there's no accounting, there's no auditing, there's no bookkeeping, it's all done on the blockchain. It's all honest and it's all straight."

    Draper was one of the early advocates of crypto. He realized the significance of bitcoin in 2013 following the notorious collapse of the Mt. Gox crypto exchange, he said in an interview in 2014, in which he noted that he had bought 30,000 bitcoin after the incident.

    Since then, he’s been a big investor in the cryptocurrency and projects related to it, leading multiple funding rounds for startups in the space.

    In 2018, Draper first made the bold prediction that bitcoin would hit $250,000 in June 2023 and he stuck with that prognostication even through the recent bear market, up until now.

    “So much for my prediction abilities,” Draper tweeted on June 30, admitting that bitcoin had only reached $30,000 at the time. “I guess we have to wait a little longer, (maybe 2 years) but engineers are hard at work.”


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Helene Braun

    Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.