Jan 3, 2023 at 08:14There is an ongoing debate among Bitcoin experts about the future price of Bitcoin.
All parties lean towards a bullish year, however, with varying projected figures.
Erik Voorhees, CEO of ShapeShift, predicts that it will reach $40,000 by summer, while Tim Draper, a billionaire Bitcoin investor, remains bullish with a prediction of $250,000.
Voorhees recently spoke about his prediction in an interview with Bankless Shows, stating that he “wouldn’t be surprised” if Bitcoin reached $40,000.
“It won’t be 10 years. If it takes 10 years for the bull market to happen, probably the whole thing failed. So I’m happy bounding it in that way. I would guess it’s sometime in the next six months to three years. I think that’s generally how long it takes people’s minds to start changing and speculative cycles to return.”
Voorhees also cited macroeconomic factors, such as interest rates and monetary conditions, as important considerations for the cryptocurrency market in the coming year. He acknowledged that the reputation of crypto is currently “just trash,” but believes that those who hold this view will be “blindsided” when the next rally occurs.
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According to Voorhees, the cryptocurrency market is currently amid a revolution.
“This lesson that people keep needing to learn is the dangers of custodial exchanges and custodial wallets. This is not a new lesson. That’s the one that we need to keep teaching. And I don’t expect that brand new people to crypto are going to hop right over to self-custody. But certainly, anyone who’s in the industry for a little while and learns about some of this stuff needs to understand how to use basic self-custody.
MetaMask has actually done the most to help people into self-custody of anyone and they do it without talking about self-custody. They just made a great product and got millions of users into self-hosted wallets. That’s fantastic.
But that lesson is really the one, because if the majority of crypto funds and crypto wealth reside with intermediaries: A) we will never escape the regulation that this stuff is meant to escape and B) we will never escape the need to trust humans.”
Tim Draper, on the other hand, has continued to stand by his prediction that the price of Bitcoin will reach $250,000.
In a recent Twitter post, Draper even showed off a T-shirt with the prediction printed on it.
See t-shirt. $250k by 2022. My prediction was off by a bit. Hasn’t made it there…yet. Certainly before the halvening. #truebelievers #bitcoin #worldoftrust #freedom #hodl pic.twitter.com/jMLi8rraj8
— Tim Draper (@TimDraper) December 31, 2022
Draper first made this bold prediction at Draper University in April 2018, stating that he was “thinking” of $250,000 for Bitcoin by 2022.
Although he admitted that the prediction may be “off by a bit,” he still believes it will happen before April 2024. However, his prediction has received mixed reactions on Twitter, with some users doubting that it will even reach above $30,000 in 2023.
No matter what the experts say, one thing is certain. Bitcoin is bullish, and ‘the most wanted crypto for the year 2023’.
What do you think the price of Bitcoin will be at the end of 2023?
Let us know in the comments below.
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