Unphased by the market devastation of 2022, venture capitalist Tim Draper has reiterated his $250,000 Bitcoin prediction for 2023.

Bitcoin hasn’t made it as high as $100,000 yet, but the VC remains optimistic that his prediction will come true before the upcoming halving. Just before the new year, the billionaire tech mogul wore a T-shirt with the slogan “250K by 2022” illustrating his conviction in the number one cryptocurrency.

The halving is an event that rewards Bitcoin miners with fewer coins than in the previous epoch (4-year cycle), adding to the cryptocurrency’s scarcity. The event tends to encourage more people to join the market due probable Dollar price appreciation as a consequence of lower coin distribution.

The halving is programmatic and cannot be changed at will, unlike a central banker’s infinite magic money tree. Bitcoiners and Litecoiners can tell you the exact supply distribution one hundred years from now. This stable issuance is a design feature, not a bug.

Bitcoin & Litecoin halving countdown. Source: Nicehash

Draper is a long-time support of Bitcoin. He’s advocated decentralised digital currencies for many years and was one of the earliest investors in Bitcoin (an OG). In 2014, he picked up nearly 30,000 BTC in an auction held by the US Marshals Service, which were seized from Silk Road— an old-school underground black market website founded by Ross Ulbricht. Draper expects Bitcoin to fulfil its mission of increased financial sovereignty, bringing  ‘unbanked’ people into the world economy as crypto adoption persists.

The venture capitalist has repeatedly stated that women would be able to push Bitcoin above the 2023 mark price. Draper is known for making successful investments in early-stage startups like Skype and Tesla. To date, he has invested in over 200 companies working on disruptive technology, ranging from financial tech to alternative energy and more.

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