Here’s Why Tim Draper Still Believes Bitcoin Will Hit 0,000

Here’s Why Tim Draper Still Believes Bitcoin Will Hit $250,000

US billionaire venture capitalist Tim Draper reiterated his bullish support for Bitcoin despite the crypto winter intensified by the sudden crash of the FTX exchange.

draper predicted last June, during the bull market, that the top crypto asset would hit $250,000 by the end of 2022. However, his prediction is less likely to happen this year since the biggest cryptocurrency is now trading below of $17,000 following the FTX fiasco.

Women and Retailers Can Push Bitcoin to $250,000

Nevertheless, the billionaire remains believes Bitcoin will reach the $250,000 target and will likely go beyond once the market recovers and people, especially women, start using cryptocurrency for everyday purchases.

According to Draper, women control 80% of total retail spending, which includes clothing, housing and food.

He added that women’s interest in cryptocurrency has also improved. In the past, women controlled 7.14% of Bitcoin wallets, but today that number has more than doubled to 16.6%.

The billionaire investor further pointed out another reason that could ultimately drive up the price of Bitcoin is when merchants start accepting BTC for payments.

“When women realize they can get a discount by paying in bitcoin or retailers realize they can double their income by accepting bitcoin, it’s going to go pretty fast,” he said.

The crypto asset is trading at around $16,000 after hitting nearly $70,000 in 2021. Despite being down more than 75% from its ATH, a growing list of companies around the world have adopted cryptocurrency as a payment option, with the last being the South African supermarket chain Pick n Pay.

Draper’s Bitcoin Plans

Draper began making the Bitcoin prediction of $250,000 in 2020 while describing what the United States would look like if he became president for a day.

Besides forecasting, the billionaire venture capitalist noted that he would explore other aspects of the crypto asset if given the chance. Draper said he would try a universal basic income (UBI) or a Bitcoin-based tax system.

The crypto proponent also said that he sees Bitcoin as protection against bad governance during the just-concluded Web Submit 2022.

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