Despite major cryptocurrencies falling drastically just weeks ago, billionaire venture capitalist Tim Draper has stated that he will stick to his initial prediction that Bitcoin will reach $250,000 (approximately Rs. 1.85 crores) by the end of 2022 or early 2023.

Draper, who has invested in Bitcoin, believes the world’s largest cryptocurrency is headed in that way and will earn acceptance over time. He made the prediction for the first time in 2018 when it was about $8,000 (roughly Rs. 5.9 lakhs).

Major cryptocurrencies lost a significant portion of their value in the recent market fall, following harsh criticism for increasing fossil fuel consumption and a Chinese ban on their trade.

Bitcoin, which has seen a spectacular rise this year, reached an all-time peak of about $65,000 (approximately Rs. 48 lakhs) before dropping down more than half in value last month.

“I think I’m going to be right on this one,” Draper told the media.

“I’m either going to be really right or really wrong. I’m pretty sure that it’s going in that direction,” he added.

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