Tim Draper and Bitcoin: A chronology of failed predictions

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As we step into the year 2024, the crypto world is in a frenzy over what's going to happen to BTC price during the year, as a lot of notable events are lined up for the darling crypto. Questions such as "What will be the price of BTC after the SEC approves Bitcoin Spot ETFs? How will the BTC halving affect its price? What will happen if the Fed gives in to pivoted and recommitted to Quantitative Easing?

Speculations upon speculations dominate the narratives in the crypto world today. There are no problems about being speculative, everyone has the freedom to say what they want, it's a free world after all. However, the most worrisome in these situations is that some people who think they have influence on others use such influence in making speculative predictions continuously about what the price of BTC can be, thereby pulling the general public into believing that BTC price can be predicted accurately.

The implications of this is that it puts people at a greater risk level than normal. It makes people to FOMO buy BTC just for speculations without a single knowledge about Bitcoin. You may think this is beneficial since it will make BTC price go up, but contrariwise, it makes BTC price crash deeply. People who FOMO buy BTC based on Specifications will panic sell at the slightest downward move in its price.

People like Tim Draper seem to believe that they can accurately predict the future price of BTC because of his influence in the crypto world. However, Draper predictions have caused more harm than good for the most people who were lead aslay his continued failed predictions.

Since 2018, Tim Draper has been predicting the BTC price would reach the $250,000 mark. Every year, this prediction has always failed. He seems to place BTC price on an ever-changing timeline.

In November 2018, Tim Draper made another prediction that BTC price would reach $250,000 by the end of 2022. A year later, Draper would come out again, this time claiming that the lightning network would help BTC reach $250k by 2023 ending.

In December 2019, Tim Draper claimed Bitcoin will reach $250K in 2020. 2020 came, BTC only reached $26k. Draper, fascinated by the $250k mark, would still insist that BTC will be 10X by the end of 2022 or early 2023. We have seen the end of 2023, and the price of BTC as I type this post is currently sitting between $44k to $45k. Tim Draper's prediction came again in July 2023, where he said he believes BTC would reach $250k by 2025. Yet, seven days ago, Tim Draper was on air still holding onto the $250k mark prediction, now to happen in 2024.

Making predictions is not a problem, but the effects of such predictions are the problems. Following Tim Draper's continued failed predictions, we cannot tell how many people may have got rekt by being fooled with Draper's false predictions. The last is that after guessing and failing again and again, he would now push back his prediction date of a $250K Bitcoin price.

If by the year 2025 BTC price eventually hits the $250k mark, Tim Draper will probably be right, but then, a lot of casualties happened along the way.

This will be a great history to remember. Before Time Draper finally got it right on his predictions, he got it wrong dozens of times, thereby leading millions of people aslay.

In all these, Tim Draper appears to be like a paid influencer who only creates hype with predictions to make the bank for his pay master. People who want to succeed in the crypto world should not rely on information coming from known influencers. They are only performing the scripts given to them by their pay masters.

No one can accurately predict what BTC price would be in the future with specific dates. Do not believe any prediction from anyone, especially crypto influencers. They are only out to create the buzz and drag unlearned individuals into FOMO, which usually causes more harm than good to BTC price. Nobody knows what will happen tomorrow, even if the Bitcoin Spot ETF should be approved. There are no guarantees that the BTC price would be higher than it's now or crash down.

The best thing to do is to keep holding your BTC for the long term goals, and ignore the likes of Tim Draper and their predictions.

Posted Using InLeo Alpha