As chaos ensues over the increasing U.S. deficit amidst the continued trade wars that followed Trump’s increased tariff rates, cryptocurrency personalities are speaking up about the possible impact of the ongoing development on Bitcoin.
Billionaire investor Tim Draper is one such figure, convinced that Bitcoin could benefit positively from the persistent volatility recorded in the traditional finance market.
In a recent post shared to X, Draper doubled down on his previous forecast for Bitcoin, with a price target of $250,000. The billionaire investor told his 268,000 followers that Bitcoin could kick off a bullish marathon this year, despite hitting a new all-time high 15 days ago.
“Bitcoin might go infinite against the dollar. On the heels of the recent surge, I’m still expecting Bitcoin to reach $250,000 this year. Whether Bitcoin will keep gaining ground that fast, who knows.” He wrote.
Outlining the main factors responsible for “pushing Bitcoin forward” at this time, Draper pointed to renewed optimism from market participants, as President Trump works out trade deals, the incoming regulatory frameworks essential for the provision of market clarity, and the increase in Web3 applications built on the Bitcoin blockchain.
He observed that traditional banks are adding to their offerings, noting that JP Morgan plans to join the race, while businesses pile in— a development he believes could bring about mainstream adoption.
He went on to make the following observations;
“Bitcoin is extremely low risk compared to some other cryptocurrencies and stocks because people believe in it.
It’s earning the title of a store of value.
Meanwhile, Layer 2 solutions give Bitcoin the flexibility of Ethereum while keeping a solid foundation.
The smart money sees what comes next.”
Meanwhile, Bitcoin kicked off June with an opening price of $104,637 and traded at an intraday high of $105,884. On Thursday, Bitcoin sharply declined as selling pressure intensified, resulting in a revisit to the $100,000 price mark. Down 8.12% from its all-time high of $111,970, with a 2.04% decline in market cap value, Bitcoin is trading at a press time price of $107,598.
