Venture capitalist Tim Draper has doubled his Bitcoin price prediction from $250,000 by the end of this year or early next year. However, he explained why he expects the price of the cryptocurrency to surge beyond his estimate.
Bitcoin price prediction by Tim Draper
Venture capitalist Tim Draper has doubled his Bitcoin price prediction from $250,000. In a recent interview with Scott Melker, aka the wolf of all streets, Draper was asked if he still thinks the price of Bitcoin will hit $250,000 this year. He answered:
Yes, by the end of this year or early next year.
Draper went on to explain why he thinks BTC’s price will beat his prediction. “One thing that’s potentially going to happen – and I don’t know exactly when – is that women will start using bitcoin,” he said.
The venture capitalist noted that previously only 1 in 14 Bitcoin holders was a woman. “Now it’s about one in six and I think it will eventually level out,” he said.
A survey by crypto financial services firm Blockfi in March found that nearly one in three American women said they plan to buy cryptocurrencies in 2022. Additionally, 60% of that third said they would do so in the next three months.
Draper explained: “Women control about 80% of retail spending and retailers haven’t realized that they can save 2% and they usually have very low margins so maybe they’re doubling their profits. You can save 2% by simply accepting bitcoin instead of taking a bank-issued credit card. And that can change everything.”
Suddenly. All women will have bitcoin wallets and they will buy things with bitcoin and you will see a bitcoin price that will just exceed my $250,000 estimate.
On May 19, Draper told CNBC that despite the current economic climate, “I’m still a bull on Bitcoin because it’s a great hedge against inflation.” He elaborated, “If the speculators go, eventually it will deviate from the tech stocks.”
What do you think of Tim Draper’s comments? Let us know in the comment section below.
photo credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.