Billionaire Tim Draper Shares His Bitcoin (BTC) Forecast, Saying Bitcoin Will See a Massive Cryptotech Tech Consolidation

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Last Updated on December 25, 2023 by Bitfinsider

Billionaire Tim Draper has revised his prediction on Bitcoin (BTC), stating that the leading digital asset will see a massive consolidation of the crypto tech industry.

The venture capitalist compares Bitcoin to Microsoft in a recent interview, predicting that it will act as the primary platform for industry developers to introduce new technologies and so bring together cryptocurrency application cases.

Moreover, Draper believes he sees BTC developers eventually producing copies of the most well-liked technologies published via other crypto protocols, similar to how Microsoft built apps like Word and Excel.

“What happened [with Microsoft] was [it] was a platform and they let people do all sorts of things, and then they chose the things that really mattered. So I’m seeing sort of the same thing happen with Bitcoin as a platform.

Sure, a lot of the experimentation went on Ethereum and Solana and Tezos and whatever else, but now people are going ‘Okay, so NFTs (non-fungible tokens) are a big deal, so we’re going to create ordinals on Bitcoin. Oh okay, so DeFi (decentralized finance) is a big deal, [so] we’re going to have DeFi on Bitcoin. Okay, smart contracts are a big deal [so] we’re going to move smart contracts to Bitcoin.’

I think that’s happening, and I think there is a little bit that’s starting to happen a consolidation around Bitcoin as a platform.”

Draper continues, stating that he thinks the market’s most valuable cryptocurrency asset will reach a price of $250,000 at some point in 2024. He adds that he thinks Bitcoin will keep rising after it reaches $250,000, but he did not say where it will end up.

As of this writing, Bitcoin is trading for $43,201. Reaching Draper’s goal would mean a roughly 460% increase.

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