American billionaire investor Tim Draper has speculated that Bitcoin will trade at $250,000 when the U.S. government sees the light regarding cryptocurrencies.
In an interview, the venture capitalist investor stated that Bitcoin will meet his $250,000 predictions when the regulatory impediments hindering the crypto industry are removed. He further blamed the U.S. SEC for scuffing the nascent sector and limiting its growth.
SEC Hindered $250,000 Price Prediction: Draper
Draper noted that his prediction that Bitcoin would trade at $250,000 would have materialized if not for the SEC’s iron-handed approach to the crypto sector.
For context, the VC investor asserted in 2018 that Bitcoin would trade at $250,000 in four years. This came after his earlier speculation that the asset would hit $10,000 by 2017 materialized.
However, two years after the deadline, the $250,000 prediction has yet to come to fruition, and Draper argues that this is because the SEC has hindered the sector’s growth. The American billionaire stated that the regulator uses outdated policies to scuffle innovation.
Notably, Draper’s $250,000 price prediction coincides with other analysts’ assertions. For instance, Standard Chartered’s head of digital asset research, Geoff Kendrick, stated that Bitcoin will trade at $200,000 by next year, regardless of the November election outcome.
Draper Urges US Government to Embrace Crypto
Meanwhile, Draper urged the SEC to discard the dark regulatory cloud evident in the United States and embrace digital innovation. The VC investor warned that the innovation will move abroad if the US fails to create an enabling environment for cryptocurrency.
Draper noted that cryptocurrencies should be treated as other assets. According to him, digital assets should have clear regulations like other asset classes if they are genuinely considered currencies.
Meanwhile, the venture capitalist investor stated that the ill-regulation of cryptocurrencies would cost the SEC chair, Gary Gensler, his job. In the interview, Draper noted that Gensler has mismanaged the crypto sector, and it would lead to his removal.
Notably, Draper is not alone in his assertions of Gensler’s removal. Key crypto players like Ripple boss Brad Garlinghouse and SkyBridge managing partner Anthony Scaramucci have noted that the SEC chair will be out of the job regardless of the outcome of the November election.
Nevertheless, the November US election has been tipped to substantially impact the Bitcoin price. Notably, the crypto sector has become a major topic in the election, with both Republican and Democrat candidates teasing their embrace of the industry and providing clear regulations.
While a few analysts have speculated that Bitcoin will fall substantially if Vice President Kamala Harris wins and surge if Donald Trump wins, some industry leaders believe that the sector will thrive regardless of who becomes the next president.
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