by Kevin Helms
Venture capitalist Tim Draper has doubled down on his bitcoin price prediction of $250,000 by the end of this year or early next year. However, he explained why he expects the price of the cryptocurrency to soar past his estimate.
Venture capitalist Tim Draper has doubled down on his $250K bitcoin price prediction. In a recent interview with Scott Melker, aka the Wolf of All Streets, Draper was asked if he still believes the price of bitcoin would reach $250K this year. He replied:
Yeah, by the end of this year or early next year.
Draper further explained why he believes the price of BTC will surpass his prediction. “One thing that will possibly likely happen — and I don’t know exactly when — is that the women will start using bitcoin,” he described.
The venture capitalist noted that previously only one in 14 bitcoin holders were women. “Now, it’s something 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 purchase cryptocurrencies 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 thin margins so that might be like double their profits. They can save 2% just by accepting bitcoin instead of taking a bank-issued credit card. And that can change everything.”
All of a sudden. All the women will have bitcoin wallets and they will be buying things with bitcoin and you are going to see a bitcoin price that will just go right through my $250,000 estimate.
On May 19, Draper told CNBC that despite the current economic condition, “I’m still a bull on bitcoin because it’s a great hedge against inflation.” He elaborated: “As the speculators leave, eventually it will diverge from the tech stocks.”
What do you think about Tim Draper’s comments? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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