Tim Draper predicts increased demand for Bitcoin due to halving and the introduction of Bitcoin ETFs, potentially leading to a $250K valuation.

Prominent venture capitalist Tim Draper envisions a substantial increase in Bitcoin’s value by 2024, citing the emergence of spot exchange-traded funds (ETFs) and the upcoming Bitcoin halving as key factors. Draper, speaking during Paris Blockchain Week, expressed confidence in his previous prediction for 2022 and suggested that Bitcoin could potentially reach $250,000 by the end of 2024. The approval of spot Bitcoin ETFs in the United States has sparked renewed interest and capital inflows into the Bitcoin market. Draper believes that these investment products provide a new avenue for hesitant investors by offering a hedge against devaluing fiat currencies and eliminating the need for self-custody of BTC. He also highlighted the appeal of Bitcoin ETFs for investors who prefer to have their fund managers handle their portfolios. Draper emphasized that the finite supply of Bitcoin and its growing adoption as a payment option make it increasingly appealing to the masses, especially as fiat currencies face inflation and decreased purchasing power. He sees Bitcoin as a secure haven against inflation and anticipates a significant impact from the fourth Bitcoin halving, scheduled for April 20. Draper advises investors not to underestimate the halving, as it alters market dynamics by reducing supply, increasing demand, and subsequently driving up prices. Additionally, Draper reiterated his belief that allocating a small percentage of one’s portfolio to Bitcoin serves as an attractive means of hedging against concerns such as bank failures and devaluation of sovereign currencies.