Tim Draper predicts surge in demand for Bitcoin due to halving and introduction of Bitcoin ETFs, leading to $250K valuation.

Renowned venture capitalist Tim Draper envisions Bitcoin’s value tripling by 2024 due to increased investments in spot exchange-traded funds (ETFs) and the upcoming Bitcoin halving. During Paris Blockchain Week, Draper expressed confidence that Bitcoin could reach $250,000 by the end of the year, based on various factors. The approval of spot Bitcoin ETFs in the United States has sparked renewed interest and capital inflows into the Bitcoin ecosystem. Draper believes these investment products provide a new opportunity for investors who may be hesitant to hold BTC in self-custody, while also serving as a hedge against devaluing fiat currencies. Additionally, investors can continue working with their fund managers while having Bitcoin managed as part of their broader investments. Draper emphasized that Bitcoin’s limited supply and increasing adoption as a payment option make it appealing to the masses, especially as fiat currencies struggle with inflation and decreased purchasing power. He views Bitcoin as a secure asset against inflation. Furthermore, the upcoming Bitcoin halving, scheduled for April 20, is expected to significantly impact the market. Draper advises investors not to underestimate its effects, as it will result in a decrease in supply, an increase in demand, and a subsequent price increase. Draper also reiterated his belief that having a small percentage of exposure to Bitcoin is an attractive way to hedge against concerns of bank failures and devaluing sovereign currencies.