Renowned venture capitalist Tim Draper is confident that Bitcoin will triple in value by 2024, driven by the increasing inflows into spot exchange-traded funds (ETFs) and the upcoming Bitcoin halving. Draper expressed his belief during Paris Blockchain Week, stating that he predicts the price of Bitcoin could reach $250,000 by the end of the year. The approval of spot Bitcoin ETFs in the United States has played a crucial role in sparking renewed interest and attracting capital to the Bitcoin ecosystem. Draper believes that these investment products offer a new avenue for investors who may be hesitant to hold BTC in self-custody, while also serving as a hedge against devaluing fiat currencies. Additionally, he highlighted the appeal of Bitcoin ETFs for investors who prefer to have their fund managers handle their portfolios. Draper emphasized that Bitcoin’s limited supply and growing adoption as a payment option will make it more appealing to the masses, especially as fiat currencies face inflation and decreased purchasing power. He sees Bitcoin as a secure asset that protects against inflation. Furthermore, Draper emphasized the significance of the upcoming Bitcoin halving, noting that it will have a profound impact on market dynamics. He advised investors not to underestimate this event, as it will lead to a decrease in supply, an increase in demand, and ultimately, a rise in price. Draper also reiterated that allocating a single-digit percentage of one’s portfolio to Bitcoin is an attractive way to hedge against concerns such as bank failures and the devaluation of sovereign currencies.
Tim Draper predicts that the Bitcoin halving and the introduction of Bitcoin ETFs will fuel a surge in demand, potentially leading to a value of $250K.