Billionaire Silicon Valley investor Tim Draper reiterates that Bitcoin will reach the target of $250,000 in 2022

Billionaire investor Tim Draper made headlines by predicting that bitcoin prices would reach $250,000 in 2022. On Thursday, he reiterated this prediction.

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In an interview with Yahoo Finance's YFi PM, he announced the launch of Grit BXNG. Draper's investment in the boxing gym Grit BXNG will be the first gym to accept bitcoin.

He says:

"By 20, Bitcoin will go to $250,000. I am doing some hedging, probably in the first quarter of 2023, but before that bitcoin will reach ($250,000)."

Interestingly, Draper did not raise his price target because bitcoin (BTC-USD) has grown somewhat in the context of continued volatility in the US market, and the Sino-US trade war has pulled down the stock market and global bond yields. Many people, including hedge fund founder Kyle Bass, concluded that Bitcoin is seen by some as a safe haven for “digital gold,” not just a speculative Digital currency.

But Draper has not given up on the use case of this cryptocurrency. He pointed out that by pushing Grit BXNG to accept this payment method, the company will be able to avoid payment fees associated with processing credit card payments.

"I was BXNG's first customer to pay for Bitcoin. By the way, I was a little hesitant to pay Bitcoin because I knew the value of these things (and wanted to stay with it)," he joked, and Adding that this cryptocurrency will always be distinguished from its competitors, including Facebook's Libra coin, because Bitcoin is the leading decentralized currency. .

Draper said:

"You know this is interesting. Bitcoin is much stronger than I thought. I think that at this point, Bitcoin will have more real competitors, but people have moved closer to Bitcoin because it is going Centralized, that's why they are being attacked because Facebook is a central currency."

In any case, for Draper, if Bitcoin eventually appreciates to meet his price target, Grit BXNG's acceptance of Bitcoin may prove to be another very significant move. Draper has invested millions of dollars in bitcoin, which is well known. Especially in 2017, Draper photographed 30,000 bitcoins auctioned by the US Marshals.