Silicon Valley venture capital godfather reiterates: Bitcoin will soar to $250,000 by the end of 2022

Since its October lows, Bitcoin has experienced a massive rally, rising from $11,000 to $27,800 at the time of writing. BTC peaked at $27,900 a few hours ago, and with Wall Street returning to work next week, it could see further gains in the coming days.
Longtime venture capitalist Tim Draper believes Bitcoin has a lot of room to grow in the long run.
He recently wrote on Twitter that he believes Bitcoin will see a tenfold increase by the end of 2022 or early 2023, meaning he thinks Bitcoin could reach $250,000 within the next two years.
Draper, who has long touted this view in interviews and on his social media channels, first bought Bitcoin for a few hundred dollars at a Silk Road auction years ago.
He believes that Bitcoin will rise to this level over time as the leading cryptocurrency proves itself as a payment network. Draper is also a supporter of the Lightning Network, a scaling solution he believes will give Bitcoin an advantage over traditional payment networks in the coming years.
Draper is a well-known Silicon Valley venture capitalist who has invested in companies such as Skype, Coinbase, Baidu, SpaceX, Tesla, etc. He is known as the "Godfather of Silicon Valley Venture Capital" and his net worth is estimated to be approximately US$1 billion.
Draper isn’t the only analyst predicting that Bitcoin will rise to $250,000 or even higher in future market cycles.
Guggenheim Investments’ global CIO Scott Minerd recently said that Bitcoin could reach $400,000 in the next few years due to its scarcity and potential ability to take market share from gold.
Guggenheim Investments, a prominent United States-based investment firm that manages billions of dollars worth of assets, has publicly revealed that it has made allocations to Bitcoin over the past two months.
“Our foundational work suggests that Bitcoin should be worth about $400,000, based on scarcity and relative valuation, such as gold as a percentage of market cap,” Minerd said in an interview with Bloomberg.
While he is the first Wall Street executive to make such a high price prediction, there are many other mainstream figures now beginning to support the cryptocurrency.
For example, Cynthia Lummis of Wyoming, an incoming U.S. senator who is now a supporter of Bitcoin, said in an interview with Fox that she believes one of her main priorities will be to convince members of Congress that Bitcoin is valuable as an investment. ( Blockchain Knight)