According to Cointelegraph: Venture capitalist Tim Draper forecasts a Bitcoin value of $250,000 by the end of 2024, citing inflows into exchange-traded funds (ETFs) and the upcoming Bitcoin halving as influential factors. Draper believes that Bitcoin is a key hedge against the devaluation of fiat currencies.
In an interview with Cointelegraph at Paris Blockchain Week, Draper referred to the approval of spot Bitcoin ETFs in the U.S. as a significant stimulator of interest and capital investment into the Bitcoin ecosystem. He believes these investment products provide an avenue for investors who might be intimidated by self-custodying BTC and a defense against the depreciation of fiat currencies.
Draper also indicated that Bitcoin's finite supply and growing usage as payment for goods and services would further attract a broader audience, particularly in contrast to fiat currencies' inflation issues and falling purchasing power.
The upcoming fourth Bitcoin halving, set for April 20, is another major event with potential to impact market dynamics. Draper advises investors not to downplay the significance of this event, given its implications on supply and demand that naturally influence Bitcoin's value.
Lastly, Draper reiterated his perspective that even a single-digit percentage exposure to Bitcoin can serve as an impactful hedge against looming concerns over bank failures and fiat currency devaluation.
