Venture capitalist Tim Draper has reignited a debate across crypto markets after reaffirming one of his most ambitious forecasts yet: Bitcoin reaching $10 million. While the figure has drawn skepticism, Draper insists the trajectory is rooted in long-term structural shifts rather than short-term price action.

Draper’s Latest Bitcoin Forecast

Draper, speaking on a podcast on Monday and later mirroring his views on social media platform X, described Bitcoin as one of the most attractive asymmetric bets against fiat currencies, especially the US dollar.

In his opinion, Bitcoin's price trajectory unfolds in stages: at first, to $250,000, then proceeding to $1 million, and finally it gets to $10 million as confidence in traditional currencies fades.

The most aggressive prediction of Draper is in the short term, where he predicts Bitcoin will reach $250,000 in the next six months, citing the continuous growth of the network and what he considers to be declining trust in government-backed currencies. 

According to him, the adoption of Bitcoin is rapidly growing while the fiat systems are losing purchasing power and credibility.

The Currency Replacement Thesis

At the core of Draper’s argument is currency displacement. He contends that inflation, rising sovereign debt, and regulatory overreach will continue to reduce the dollar’s role in global commerce. 

As that unfolds, Draper believes Bitcoin’s fixed supply, borderless nature, and decentralized architecture position it as a superior medium of exchange.

Under this thesis, the $10 million price target represents an “endgame” scenario, one where Bitcoin is no longer just an investment asset, but a dominant monetary network. 

Draper has repeatedly argued that once Bitcoin eclipses the dollar in utility, its valuation will reflect that shift.

A History of Bold Calls

Draper’s predictions, at times, have sounded extreme. In 2014, while Bitcoin was at around$180, he predicted BTC to reach $10,000 by 2017. 

The prediction was mostly ignored; nevertheless, three years later, during the 2017 bull market, Bitcoin reached that target.

However, Draper's record is not without errors. He famously predicted Bitcoin to hit $250,000 by 2022, a target that was derailed by regulatory actions and the downfall of major crypto exchanges like FTX. 

While acknowledging the timing was wrong, Draper has refused to abandon the price level, instead extending the horizon.

Also Read: Analysts: Bitcoin Faces $50K Risk After Rejection at $125K Resistance

Conviction Over Timing

Draper often depicts his Bitcoin experience as a lesson in conviction instead of precision. He has openly spoken about losing Bitcoin from his early holdings during the Mt. Gox collapsed, and then later purchased 30,000 BTC at a US Marshals auction at higher prices than the market.

In his view, these experiences reinforced his belief in long-term conviction over short-term volatility.