Serial investor and entrepreneur Tim Draper has repeated his bold prediction that Bitcoin will surpass the $250,000 mark by the end of 2020.
The Silicon Valley venture capitalist believes that this price point could become reality within six months of Bitcoin’s halving which is happening in June next year.
In an interview with BlockTV he reaffirmed his belief that Bitcoin will enter a new phase of growth after the Bitcoin halving in June.
“It looks like it’ll be something like six months after the halving that we will cross $250,000 per bitcoin.“
He added that bitcoin is “where it should be“ according to technical analysis.
The prominent venture investor also predicts that Ripples XRP is due to move up in value considerably and that it is considerably undervalued right now.
The price of Bitcoin is currently $7199 at the time of writing with many analysts predicting a further move down.
His most prominent investments include Baidu, Hotmail, Skype, Tesla, SpaceX, AngelList, SolarCity, Ring (company), Twitter, DocuSign, Coinbase, Robinhood (company), Ancestry.com, Twitch, Cruise Automation, and Focus Media.
In July 2014, Draper received wide coverage for his purchase at a US Marshals Service auction of seized bitcoins from the Silk Roadmarketplace website. Draper is a major proponent of Bitcoin and decentralization.
On Sep. 23, 2014, Draper told Fox Business that he predicted that one bitcoin would reach $10,000 “in three years”
The price of a bitcoin crossed the $10,000 mark on November 29, 2017.