Tim Draper Bullish on $250K BTC Surge as 66.5% BTC Whales Hold

  • New record: 66.5% of bitcoin did not move in over a year.
  • This would be the result of multiple accurate predictions made about Bitcoin.
  • Tim Draper has extended his BTC price prediction by 6 Months.

According to research by Documenting Bitcoin, the leading cryptocurrency has reportedly set a new HODLing record for this year. It is estimated that 66.5% of Bitcoin has not been traded in over a year.

Based on a tweet made by BINANCE KILLERS, 38% of all Bitcoin has not changed hands for over three years. In short, investors are hoarding Bitcoin for the long haul. 

Tim Draper, an American venture investor and the founder of Draper Fisher Jurvetson (DFJ), is one example of someone who still has faith in Bitcoin.

At the Draper University blockchain party in April 2018, Draper predicted: “$250K by 2022.” Draper claimed he “expanded” his projection “by six months” during this year’s Web Summit 2022 event because he now believes bitcoin will reach that price level “by mid-2023.”

During his three-day speech at Web Summit 2022 this year, Tim Draper discussed his support for bear markets. The billionaire investor explained during his speech that the “ideal time to be investing” for venture capitalists (VC) is the “crypto winter.”

In addition to being a well-known venture capitalist in the cryptocurrency sector, Draper has also supported prominent businesses, including Tesla, SpaceX, Robinhood, Docusign, Ring, Skype, and Baidu.

Draper said that he anticipates women will make up the largest segment of retail investors, driving the price of bitcoin to the $250K range. The remarks echoed what he said in his interview with the Wolf of All Streets from last June.

He asserted during the Web Summit 2022 event that a rise in “retail expenditure” will lead to a rise in Bitcoin demand.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer