Billionaire Tim Draper doubles the bullish outlook for Bitcoin

Billionaire Tim Draper recently used platform X to emphasize his views on emerging and promising technologies such as artificial intelligence (AI) and cryptocurrency, which do not follow traditional paths.

Billionaire Tim DraperThe head of Draper Associates reminisces about the time his company boldly invested heavily in Bitcoin when much of the traditional financial market was still very skeptical.

"We are one of the pioneering entities that believe in Bitcoin at Draper Associates, and since then, we have continuously invested in the next groundbreaking ideas. Indeed, we remain very interested in cryptocurrency, but we do not limit ourselves to any particular industry. If it is something new and has the potential to change the world — we will get involved," he wrote.

These statements were made against the backdrop of Bitcoin recovering, regaining a price level of 85,129 USD. Despite increasing US-China trade tensions, this asset has still managed to overcome weekly losses.

Market investors comment that this recovery is crucial for Bitcoin to retest previous support levels, which have now become resistance, at 94,500 USD, according to the extreme deviation price index MVRV.

Draper, a staunch believer in cryptocurrency and Bitcoin, reminded the market of the early days of Bitcoin, implying that there has been a significant shift over the past few years, with skepticism gradually declining and acceptance increasing globally.

"There was a time when cryptocurrency faced a lot of skepticism. The same happened with AI, self-driving cars, and many other technologies that are now becoming mainstream. Today it's Waymo, tomorrow it could be the woolly mammoth," he added.

The billionaire, who reported earning 89 million USD from Bitcoin investments over 5 years in 2021, has reinforced his belief in the leading cryptocurrency with bold price predictions.

After successfully predicting that Bitcoin would reach the $10,000 mark in 2014, Draper made another bold prediction in November 2024, asserting that a standard supply-demand curve could drive Bitcoin up to $250,000 by 2025.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.

• Bitcoin is still on track to reach 1.8 million USD by 2035
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