Tim Draper, a venture capitalist has increased his prediction that bitcoin will reach $250,000 in the next 12 months. He explained, however, why he believes the bitcoin price will soar beyond his prediction.
Tim Draper’s Bitcoin Price Prediction
Tim Draper is now more confident in his $250,000 bitcoin price forecast. Draper, also known as Scott Melker (aka The Wolf of All Streets), was recently asked whether he believes that bitcoin will reach $250K in price this year. Draper replied, “Yes.”
It’s possible, but not before the end or beginning of next year.
Draper explained that he thinks the BTC price will exceed his predictions. “One thing that will possibly likely happen — and I don’t know exactly when — is that the women will start using bitcoin,” he described.
Venture capitalist, John McKinney noted that only 1 in 14 Bitcoin holders was female previously. “Now, it’s something like one in six and I think it will eventually be even,” he said.
Blockfi’s March survey found that nearly three out of every four American women intend to invest in cryptocurrency in 2022. A further 60% indicated that they will do it in the coming 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. You can save as much as 2% by using bitcoin to replace a bank-issued debit card. And that can change everything.”
Draper’s opinion:
Everything changed overnight. Every woman will own a bitcoin wallet and will buy bitcoin items. You will see bitcoin prices that are just below 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.”
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