With Bitcoin ready to half in about five to seven days, venture capitalist Tim Draper suggests that it will see prices as high as $250,000. Here’s a recap of what’s happening and the likely impacts.
According to Draper,
“The future I see is one where if you don’t have some Bitcoin to take care of yourself when the dollars become worthless, there will be a hole in your life.”
How eager are governments willing to adopt crypto is the real question, but one thing is sure. The public sentiment around crypto is growing, and potentials to profit are also.
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With Bitcoin ready at $70,000 per coin, we still need to see it hit $100,000 before anything else. In getting to $250,000, here are some things to consider when evaluating Bitcoin’s potential price:
- When—Venture capitalist Tim Draper expects BTC to hit $250,000 by the end of 2024 or the beginning of 2025. In either case, don’t expect crypto to peak all in one sudden move. It’ll take time.
- ETFs—The exchange traded funds that Bitcoin is being sold through are a key factor behind the coin’s potential price. Coming is a ruling to approve ETFs for Ether, which is immediate.
- Historical Hedging—Financial analysts are crunching the numbers, and as it stands, BTC is arguably a reliable hedge against inflation. This simply means that it appreciates better than fiat cash.
- The Halving—The halving that Bitcoin is scheduled for will shift the supply and demand balance and make the coin more rare as a result. That event will come soon and will be a force behind BTC’s rise.
What Else Is Bitcoin Ready For?
Another interesting development for this week is a U.S. politician’s belief in crypto. As it stands, Rep. Patrick McHenry (R-N.C.) has made a last-ditch effort to push “legal crypto” through the Bitcoin Policy Summit in Washington, D.C.
The congressman believes that defining crypto, in terms of a security or commodity, will lead it into an era of prosperity. In his own words:
“Every regime that has tried to shut down Bitcoin has failed …”
Rep. McHenry also stated:
“We don’t have a federal law — a definition of a digital accent. We don’t have in federal law a means of exchange for a digital asset. We have to provide that clarity,” McHenry said.“The key thing to remind members of Congress though is that we now have this thing that is not defined in federal law.”
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