This Crypto Could Climb 157% in the Near Future
One cryptocurrency is set to explode next year, and it has already done very well in 2024. That would be Bitcoin (BTC), which venture capitalist Tim Draper believes will grow by 157% next year.
The coin has pulled back in the last few days, dropping to $95,930 (BTC/USD) from a recent high of $98,951. Even if that pullback extends further, there is significant momentum behind Bitcoin right now, and the expectation is that it will surpass $100K very soon.
Draper says that Bitcoin could hit $250,000 in 2025, and although that may seem impossible at this point, he is calculating the enormous growth we have seen already from the coin in the last month. Since the US election results came in, Bitcoin has gained 40%. We might witness that from a new coin that is experiencing a growth spurt, but with an established coin like Bitcoin, that kind of growth is almost unprecedented.
If we were to extrapolate that kind of growth into next year, it is easy to see that the sky is the limit for the token at this point. That 40% growth in one month is incredible, and though we should not expect that kind of growth every month, it is reasonable to expect similar growth spurts in 2025.
Another 40% expansion would mean Bitcoin would hit around $140,000. Then another would bring it to $196,000. Once more would take it over Draper’s estimate to $274,400.
What Could Spur Major Growth Again?
The major impetus behind Bitcoin recent gains was the election of Donald Trump to the US presidency. No cryptocurrency laws changed and no new major crypto products hit the market.
A secondary factor for Bitcoin’s recent growth was the interest rate cut enacted by the Federal Reserve. We will actually see more of those in 2025, so investors should expect Bitcoin to grow at those points as well.
However, the election win for Trump is only the beginning of his impact on cryptocurrency and Bitcoin in particular. He has promised to make changes to crypto regulations and then to start a federal Bitcoin reserve, among other crypto-centric plans. We could see Bitcoin and the remainder of the crypto market shoot up when Trump is sworn into office, and then further growth spurts could happen as Trump’s administration puts some of his crypto plans into effect.
Suddenly, Tim Draper’s sky-high prediction does not seem that farfetched.
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