Billionaire venture capitalist Tim Draper still firmly believes his lofty $250,000 bitcoin price prediction will come to pass this year spurred by women. Yes, you heard right.
Women Will Take BTC To $250K: Draper
Tim Draper told veteran crypto trader Scott Melker that he’s standing by his bullish $250K bitcoin price target for this year. Despite the recent downturn, the early bitcoin investor remains undeterred in his enthusiastic outlook for the number one cryptocurrency.
He explained that more women will begin using bitcoin, and this will considerably broaden the asset’s user base. “All of a sudden, all the women will have Bitcoin wallets, and they will be buying things with Bitcoin,” Draper posited.
Given that over 50% of the wealth in the United States is managed by women, it’s not too optimistic for the tech investor to say they could help drive the BTC price to astronomical heights.
Draper also highlighted that retailers, who currently operate on thin margins, have not yet realized they can save a lot by accepting BTC instead of credit cards.
Will Draper Be Proved Wrong?
It’s worth noting that Draper is not restricting himself to the 2022 timeline as the target might instead be achieved in early 2023.
In addition, this isn’t the first time that Draper is making bold proclamations about bitcoin. Draper has reiterated several times that the price of bitcoin is headed to $250,000 by 2022. And in 2015 the serial blockchain investor projected that the price of the benchmark cryptocurrency would reach $10,000 by the end of 2017, a prediction that came to pass.
To his credit, Draper has backed his bullish assertions with cold hard money. Case in point, at an auction in 2014, he splashed $18.5 million for a bulk of 30,000 bitcoins that had been seized by the U.S. Marshals. At today’s market prices, Draper’s stake is now worth about $870 million. That’s not a bad return for an eight-year investment.
Currently, bitcoin is trading at around $29,306. For the dominant crypto to hit the $250,000 price level by the end of this year it would have to appreciate by circa 862 percent.
Time will tell whether this is really plausible.
Meanwhile, Draper has no doubt that blockchain technology will revolutionize the world. He also thinks decentralized finance and non-fungible tokens are the next big things in the cryptosphere.