Venture capitalist Tim Draper predicted further movement of the price of the first cryptocurrency. In his opinion, Bitcoin could reach $250,000 by the end of 2024.
The investor believes that due to certain factors, the asset will continue its strong growth in the coming months. This will be facilitated by the upcoming Bitcoin halving, which will keep inflation of the first cryptocurrency under control, Draper believes.
Another growth driver will be the spot Bitcoin ETF sector, he added. Since their launch in January 2024, crypto funds have received record inflows of funds. This indicator indicates that there is great demand for Bitcoin, Draper is sure.
The venture capitalist says the asset class has opened a new avenue for investors interested in Bitcoin. We are talking about an audience that may be deterred by the prospect of keeping the first cryptocurrency under its own control, but is ready to invest in it through reliable counterparties, the expert notes.
According to Draper, spot Bitcoin ETFs also serve as a hedge against depreciating fiat currencies.
An additional catalyst for increasing the value of the asset is the growing popularity of the first cryptocurrency, says Draper. According to him, this contributes to the formation of demand for Bitcoin against the background of problems with inflation in fiat currencies.
The listed factors allow us to say that a threefold increase in the price of the first cryptocurrency by the end of 2024 is a realistic scenario, the venture capitalist is sure.
Source: Cryptocurrency
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