Draper has the reputation of being one of Bitcoin’s most enthusiastic supporters. Draper reportedly bought nearly 30,000 bitcoins in a 2014 U.S. Marshals Service auction.
So when he tweeted Friday about his Bitcoin prediction, few were surprised. It was the $250,000 figure that caught many off guard.
While $250,000 sounds crazy, for lack of a better word, there are some in the cryptocurrency community who see it as making sense.
For example, the topic came up on CNBC’s Fast Money Friday. On the show, another Bitcoin enthusiast, Brian Kelly, spoke about the prediction. Kelly is the CEO of investment firm BKCM.
Here’s what he had to say:
It sounds crazy. But think about it this way: that's four years from now. That's a 3,000% return from here. But the last two years bitcoin has had a 4,000% return. It would be a continuation of that trend.
Draper loves Bitcoin
It’s no secret that Draper is one of Bitcoin’s biggest fans. That’s why his lofty price prediction raises some eyebrows.
The prediction came on the heels of others in which the consensus seems to be $25,000. The dates the crypto will hit targets varies, but none of the prices have been as high as Draper’s.
For example, Tom Lee of Fundstrat Global Research has also been bullish on Bitcoin. We told you about him maintaining his price prediction of Bitcoin hitting $25,000 by the end of the year.
Pantera Capital Management on Thursday sent a note to its clients last week noting that the price could reach $20,000.
No matter the price, the thought of most observers is that Bitcoin will continue to move higher.