Tim Draper shared his forecasts for the Bitcoin price during the Paris Blockchain Week. He believes that the value of Bitcoin could potentially reach $250,000 by the end of the year, more than tripling its current price.
The approval of Bitcoin ETFs in the USA has sparked strong interest from institutional investors and increased capital inflows into the cryptocurrency. Draper views these new financial products as an opportunity for investors who were previously hesitant to invest in Bitcoin due to obstacles like self-custody.
He emphasizes the significance of this development for both new and experienced investors. Major asset managers like Fidelity and JPMorgan have also added Bitcoin ETFs to their offerings, further enhancing the acceptance and accessibility of this asset class.
Draper also highlights the planned halving of the Bitcoin reward, which will have a positive impact on market development. The supply will become scarcer as demand increases, which Draper believes will drive prices upward.
In conclusion, Draper underscores that it is becoming increasingly attractive for savers to hold at least a portion of their wealth in Bitcoin to hedge against bank crises and loss of purchasing power.
