Bitcoin is a good hedge against bad governance, says investor Tim Draper. He continues to believe that Bitcoin will reach $250,000 per coin and believes that women will drive the next wave of its adoption.
Bitcoin bull Tim Draper continues to believe in cryptocurrency despite the bear market. Speaking on stage at Web Summit 2022, he claimed that his prediction that the cryptocurrency would hit $250,000 per coin was still correct, even though he extended it by six months, according to Decrypt. The investor claimed that “by mid-2023, I’m expecting to see Bitcoin hit $250,000.”
“You're seeing inflation, they're fighting inflation, you're seeing bad governance,” he said, noting that he regards Bitcoin as “a hedge against bad governance, and we seem to have a lot of that going on.”
He pointed out that governments now want to control everyone, pointing to “the stupid guy in Russia who's decided to invade Ukraine or the stupid guy in China who's trying to control all of his population.”
“You saw the speculation go out of the Bitcoin price,” said Draper, adding that only the Bitcoin “hodlers” are left. “They are passionate about this,” he said. “And they say, ‘Hey, this creates a freer world, it creates a more trusting world. It's honest currency; it's not tied to banks, it's not tied to governments. And it is decentralized.’”
Draper also argued that the main driver behind the next wave of Bitcoin adoption and the accompanying price surge will be women. “With Bitcoin, the women are going to be the ones who take it to $250,000,” he said. “And the reason is that women control about 80% of retail spending, and you can't really buy your food, clothing, and shelter yet in Bitcoin—but once you can, then there will be no reason to hold on to fiat currency, and there'll be sort of a run on the banks.”
Overall, the investor seems to be enjoying the downturn. “This is actually my favorite time to be investing,” Draper said. “I get nervous in bull markets; bear markets are kind of my thing.”
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.