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.
Tim Draper’s Bitcoin Price Prediction
Venture capitalist Tim Draper doubled his bitcoin price prediction by $250,000. In a recent interview with Scott Melker, aka the street wolf, Draper was asked if he still believes the price of bitcoin will reach $250,000 this year. He has answered:
Yeah, by the end of this year or early next year.
Draper further explained why he thinks the price of BTC will exceed his prediction. “One thing that will probably happen – and I don’t know exactly when – is that 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 March survey by crypto financial services firm Blockfi found that nearly one in three American women said they plan to buy cryptocurrencies in 2022. Additionally, 60% of that third said that they intended to do so within 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.”
Drapper said:
Suddenly. All women will have bitcoin wallets and they will buy things with bitcoins and you will see a price in bitcoins that will exceed my estimate of $250,000.
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.”
