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Billionaire venture capitalist Tim Draper said he expects Bitcoin to rise more than 230% from current levels, citing his long-standing conviction shaped by early exposure and subsequent real-world observations.
Draper said his initial experience with Bitcoin came when it was trading at around $4. He pointed to major setbacks that followed, including the Mt. Gox hack, as events that tested his early outlook.
Despite those challenges, Draper said his confidence grew after seeing Bitcoin used in practical settings. He cited examples including remittances, payments to unbanked employees, and the creation of local economies where they previously did not exist.
He also described a specific investment decision tied to the US Marshals auction, saying he bid above market at $632 and bought all nine lots offered.
Draper acknowledged that his bullish targets have not yet been reached. He said he has “reason to believe that Bitcoin will reach $250k in 18 months,” adding that Bitcoin’s rise would coincide with the dollar facing inflationary pressures.
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