'I'm Thinking $250,000 By 2022': Tim Draper Reveals New Bitcoin Price Target

Bitcoin's substantial $1,300 price correction since yesterday has led to several new bullish predictions for the coming years, with the latest from investment tycoon Tim Draper, who forecasted a whopping $250,000 by 2022 during a speech April 12.

Speaking at a Blockchain event hosted by his own Draper University in San Mateo, California, the famous Bitcoin bull and venture capitalist told audience members to "Believe" the sky-high figures would come true.

" Believe it, it's going to happen - they're going to think you're crazy but believe it, it's happening, it's going to be awesome!".

While the crowd appeared to give an unenthusiastic reaction, Draper's words may yet ring true in the mid-term among Bitcoin markets.

In 2014, when prices were at times less than $320 a Bitcoin, the investor correctly predicted that BTC/USD would pass $10,000 in 2017.

This week also saw a similarly buoyant tone come from Fundstrat Global Advisors cofounder Tom Lee, who on Thursday told CNBC he was "Confident" Bitcoin would hit $25,000 before the end of the year, a prediction he has made before.