Billionaire Tim Draper says Bitcoin Price will Reach US$250,000 by 2022-End, Whales Accumulated 90,000 BTCs in the Last 25-Days
Billionaire venture capitalist Tim Draper believes that the price of bitcoin (BTC) will keep increasing “because there are only 21 million of them.” The 63-year old tech investor continues to believe that the BTC price will reach US$250,000 soon. He believes that this price will be reached either by late 2022 or early 2023.
Draper first made this prediction back in 2018. At that time, the BTC/USD pair was hovering around US$10,000. He has recently said that bitcoin is going to be at the center of all financial activities of the world in the coming 20-years. The venture capitalist believes he will be right on his prediction of the BTC price in the near and distant future.
Draper has been a value investor for a long time. He made his fortune by investing early in companies such as Tesla, Twitter, and many more. He has been a big player in the financial market for a long period of time and his belief in Bitcoin makes a lot of difference. He points out that mass adoption of this crypto coin is only a matter of time because it has lots of positive features.
Draper also believes that Bitcoin will also be used as a form of currency and went on to say:
“Bitcoin will be the currency of choice. Bitcoin is not as easy to move around, but eventually, it will be. Then you will have a choice and you will say, hey, do I want to pay the banks 2.5% to 4% every time I swipe my credit card or do I want a currency that’s frictionless, open, transparent, global, and not tied to any political force?”
Whales keep Accumulating BTC during the Downturn in the Last 25-days
Even when the Bitcoin market experienced extreme price fluctuation in the last one month, the whales kept on their buying spree. In less than a month, the BTC whales have bought around 100,000 BTCs. Santiment data shows that in the last 25-days, the Bitcoin whales have purchased 90,000 bitcoins.
Even when Elon Musk’s tweets rattled the retail investors in the last 1-month and made many leave the space altogether, wallets containing anywhere from 100 to 10,000 bitcoins kept accumulating. The analytics firm Santiment noted that the whale wallets now hold around 50% of the total bitcoin supply. It said:
“They now hold a seven-week high of 9.11 million bitcoins, currently worth a total of $367 billion at this time.”
It went on to say that the whales currently hold “48.7% of the total bitcoin supply.”
However, the most important aspect here is that the small players or the “little guys”, especially the ones who hold less than 1 BTC, have also kept on buying bitcoins. Glassnode has said that the “sat stackers” or the accounts having less than 1 BTC currently hold around 5% of the total supply.
Experts now believe that Bitcoin has started to become a geopolitical asset with El Salvador becoming the first country in the world to recognize Bitcoin as a legal tender within its borders.