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Venture Capitalist Tim Draper Reaffirms His $250K Bitcoin Price Prediction by 2022

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Tim Draper Bitcoin Price Prediction- Investors King

American venture capital investor, Tim Draper, said that he thinks bitcoin could reach $250K by 2022, and during an interview with CNBC’s Jade Scipioni this week, Draper reiterated his six-digit bitcoin price forecast made in April 2018.

Tim Draper, the venture capitalist who has his hands in a myriad of blockchain and crypto companies, discussed his bitcoin (BTC) price prediction with CNBC this week.

Draper is well known in the crypto community as he has founded a number of firms that work within the industry. He has also founded organizations like Draper Fisher Jurvetson (DFJ), Draper University, Draper Venture Network, Draper Associates, and Draper Goren Holm.

Draper is famous for purchasing thousands of bitcoin (BTC) in July 2014 from the U.S. Marshals Service auction that sold BTC stemming from the Silk Road marketplace. Back then, Draper predicted that BTC would reach $10K per coin and this prediction came to fruition. This made people begin to think of Draper as an oracle, and he was pressed for a new prediction when BTC came close to the $20K zone in 2017.

After many reporters asked Draper his next bitcoin price forecast, he finally answered on Friday the 13th, April 2018. “Serious winds (of change) at our block(chain) party last night,” Draper explained to his followers on Twitter. “I predict $250K by 2022,” Draper added. Since then, as far as predictions are concerned, Draper stepped out of the limelight and many other investors have given their own bitcoin price predictions over the last three years.

Now that BTC has tapped a new all-time-high above $64K per unit, Draper is once again standing behind his $250K prediction. While speaking with CNBC’s Jade Scipioni on the broadcast “CNBC Make It,” Draper said:

“I think I’m going to be right on this one. I’m either going to be really right or really wrong [but] I’m pretty sure that it’s going in that direction.”

Draper Speaks About Dogecoin and Elon Musk’s Critique of Bitcoin’s Energy Use

Draper then explained that he thinks merchants will flock to support BTC within the next few years. “Give it about a year and a half and retailers will all be on Open node, so everybody will accept bitcoin,” Draper stressed. “Then beyond that, I think [bitcoin] continues up because there are only 21 million of them,” the venture capitalist added.

The executive also touched upon dogecoin (DOGE) during his interview and explained that there has to be something that makes the public like the dog token.

“There must be something to dogecoin because it makes us all smile but no engineers are working on it,” Draper said. “Doge devs to improve system transaction efficiency. Potentially promising. I tend to focus on the ones where people are dedicating their lives to improving the currency.”

Draper told CNBC he thinks bitcoin will be the center of financial activity worldwide for a long time and described BTC as one of the world’s tech giants. “[Bitcoin] is sort of like Microsoft [in] the software world or Amazon in the e-commerce world,” Draper remarked.

Furthermore, before Draper made his prediction the venture capitalist spoke about Elon Musk and Tesla’s critique of Bitcoin’s energy use. He commended Musk for what he had previously accomplished but in terms of understanding bitcoin’s energy consumption, Draper thinks he’s wrong.

“Elon, first of all, is one of the most brilliant men in the world…maybe the most brilliant, [but] he got this one wrong,” Draper said.

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Bitcoin Investors Holding Strong as Over 53% of Supply Inactive for Two Years

Nearly 29% of Bitcoin’s supply has not moved in the last five years, amounting to over 5.6 million BTC worth approximately $158 billion.

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Bitcoin - Investors King

According to recent data compiled by the crypto analytics platform Glassnode, over 53% of Bitcoin’s circulating supply has remained inactive for the past two years, setting a new all-time high for this metric.

Checks by Investors King showed that nearly 29% of Bitcoin’s supply has not moved in the last five years, amounting to over 5.6 million BTC worth approximately $158 billion.

The data also revealed that around 2.7 million BTC estimated at $76 billion have not been touched in a decade.

Crypto influencer Anthony Pompliano noted that these inactive Bitcoin could either be lost or held by extremely disciplined investors.

The data has led some members of the community to speculate that those holding these Bitcoins bought them when the cryptocurrency was at an all-time high and are waiting for the right time to sell. As of April 10, 2021, Bitcoin was trading above $60,000.

Interestingly, the term “Bitcoin” has recently topped the list of most popular search terms in the United States, surpassing other trending keywords such as Donald Trump and Elvis Presley.

This surge in American interest in Bitcoin follows the announcement by the United States Federal Reserve about the launch of the FedNow payments system, set to be launched in July.

The instant payments platform is expected to facilitate faster and more efficient transactions.

The growing interest in Bitcoin and other cryptocurrencies is indicative of the public’s desire for alternative means of transacting value.

In conclusion, the data collected by Glassnode is a positive sign for Bitcoin as it suggests that the cryptocurrency is being held by long-term investors who are not easily swayed by market fluctuations.

As Bitcoin continues to gain mainstream adoption, we can expect its value to increase, making it a valuable asset for investors and individuals alike.

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MicroStrategy Acquires 1,045 More Bitcoin, Bringing Total Holdings to 140,000 BTC

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Bitcoin - Investors King

MicroStrategy, a business intelligence firm based in the United States, has acquired an additional 1,045 Bitcoin (BTC) for approximately $29.3 million at an average price of $28,016 per BTC, the company’s executive chairman, Michael Saylor, announced the news in a tweet on April 5.

A check by Investors King showed that this latest acquisition brings MicroStrategy’s total holdings to 140,000 BTC, which were acquired for approximately $4.17 billion at an average price of $29,803 per BTC.

The move is seen as a significant milestone for the company, which has been investing heavily in Bitcoin as a reserve asset.

Michael Saylor, who is ranked number 14 on Cointelegraph’s Top 100 in crypto, has been a vocal proponent of Bitcoin and has been leading the charge for corporations to adopt the cryptocurrency as a strategic asset.

Saylor has repeatedly stated that Bitcoin is the most secure and reliable store of value available in the market today and offers a unique opportunity for businesses to protect their assets from inflation.

MicroStrategy’s Bitcoin strategy appears to be dollar-cost averaging, but with vast amounts of money. The company made its first Bitcoin purchase in August 2020, and since then, it has been consistently adding to its holdings.

The latest purchase brings MicroStrategy’s total Bitcoin holdings to over $12.6 billion, a testament to the company’s confidence in the long-term potential of the cryptocurrency.

Saylor’s MicroStrategy recently repaid its Silvergate loan and purchased 6,500 BTC at the end of March, further indicating the company’s commitment to Bitcoin as a reserve asset.

The move comes at a time when more companies are beginning to explore Bitcoin as a means of diversifying their portfolios and protecting their assets from inflation.

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United States to Sell 41,500 Bitcoin; Holds More than 205,000 BTC

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bitcoin to Nigerian Naira - Investors King

After obtaining a court order, the U.S. government is set to sell 41,500 Bitcoin. The United States government currently holds more than 205,000 BTC as of March 27, making it the largest holder of the world’s largest digital currency.

Investors King understands that most of the bitcoins owned by the United States were seized from cryptocurrency scammers. In November 2022, the U.S. government seized 50,000 Bitcoin, following the arrest and subsequent guilty plea of James Zhong. James Zhong was a hacker who manipulated transactions system to steal bitcoin. 

It would be recalled that out of the 50,000 bitcoin seized from James Zhong, the U.S. government sold 9,861 BTC for a total of $215 million on March 14, 2023.

With the latest court order, the United State government, therefore, noted that the remaining 41,490.72 BTC, which has a current value of $1.18 billion according to Bitcoin’s current price of $28,448, will be liquidated in four different batches this calendar year.

However, there has been a palpable fear that the sale of such an amount of bitcoin could significantly affect the price of the flagship cryptocurrency. Analysts believe the selling pressure can draw the price of bitcoin downward after showing an impressive ride since the beginning of the year. 

Since the beginning of the year, bitcoin is up by more than 70 percent despite a number of negative news such as the collapse of three crypto-friendly banks in the United States. 

It could be noted that bitcoin showed huge resilience amid the collapse of Silvergate Bank, Silicon Valley and Signature bank which shocked the U.S. banking system.

According to a report by Goldman Sach, the most capitalised cryptocurrency has so far emerged as the best performer in 2023, surpassing Nasdaq 100, gold, S&P 500, and other investment assets and sectors.

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