Venture capitalist Tim Draper has doubled his bitcoin price forecast to $250,000 by the end of this year or early next year. However, he did explain why he expected the price of the cryptocurrency to rise more than he anticipated.
Tim Draper’s bitcoin price prediction
Venture capitalist Tim Draper has doubled his $250K bitcoin price forecast. In a recent interview with Scott Melker, aka The Wolf of All Streets, Draper was asked if he still believes the bitcoin price will hit $250K this year. He replied:
Yes, by the end of this year or early next year.
Draper further explained that he believes the price of BTC will surpass his prediction. “One thing that could possibly happen – and I don’t know exactly when – is that women will start using bitcoin,” he described.
The venture capitalist said that out of the first 14 bitcoin holders, only one was a woman. “Now, it’s like one in six and I think it will eventually be even,” he said.
A survey in March by crypto financial services company Blockfi found that nearly one in three American women said they plan to buy cryptocurrency in 2022. Furthermore, 60% of that third indicated that they intend to do so in the next three months.
Draper explained: “Women control about 80% of retail spending and retailers haven’t yet realized that they can save 2%, and they usually run on very small margins to double their profits. They can save 2% by simply accepting bitcoin instead of taking a bank-issued credit card. And that could change all that.”
Draper said:
Suddenly. All the women would have bitcoin wallets and they would be buying things with bitcoins and you would see the price of bitcoins which would be fine by my estimate of $250,000.
On May 19, Draper told CNBC that despite the current economic situation, “I am still a bull on bitcoin because it is a great hedge against inflation.” He elaborated: “As speculators leave, it will eventually break away from tech stocks.”
What do you think of Tim Draper’s comments? Let us know in the comments section below.
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