Prominent venture capitalist Tim Draper continues to stand by his uber-bullish Bitcoin price prediction
Renowned venture capitalist Tim Draper recently told Bloomberg That bitcoin price will be able to reach the $250,000 level and even surpass that highly bullish price target.
Draper continues to stand by his prediction in spite of the sharp market downturn.
“In bitcoin you can buy your food, your clothes and your shelter, it will take a moment.”
He went on to mention that women control a whopping 80% of retail spending. Draper is convinced that they will finally be able to make Bitcoin mainstream. “When women realize that they can get a discount by paying in Bitcoin, when retailers realize that they can double their profits by accepting Bitcoin, it’s gotta move pretty quickly.”
The venture capitalist, who was an early backer of successful companies such as Skype and Hotmail, has repeatedly predicted that the price of bitcoin will be able to reach $250,000 by the end of 2023.
During a recent appearance at Web Summit, Draper said that the largest cryptocurrency would still be able to achieve the aforementioned target within six months.
Bitcoin is currently trading below the $17,000 level following the fall of the FTX empire.
Draper told Bloomberg that the collapse of the FTX exchange was “predictable” since the beleaguered cryptocurrency exchange was very centralized. “It was all centered around this one guy. And when you centralize anything, bad things can happen,” he added.
