Despite the ongoing decline in the price of Bitcoin, American investor Tim Draper remains convinced that its price will eventually reach $250,000. During a recent interview with well-known cryptocurrency trader Scott Melker, he voiced his belief that more women will start using Bitcoin, which in turn will greatly expand the cryptocurrency user base, according to u.today.
“All of a sudden, all the women will have Bitcoin wallets, and they will be buying things with Bitcoin,” Draper predicted.
Approximately 51% of the wealth in the US is controlled by women, so assuming the investor's scenario comes to fruition, it could indeed push up the price of Bitcoin significantly.
In addition, the price will start to rise when retailers realize that they can save 2% by accepting Bitcoin instead of bank credit cards. This could potentially double their profits as they operate on very low margins, Draper says.
The venture capitalist has repeatedly predicted that the price of Bitcoin will reach $250,000 by early 2023, but given the current price of just over $29,000 per BTC, this seems unlikely. In fact, the cryptocurrency needs to rise in price by 762% in just half a year for Draper’s prediction to be accurate.
In 2014, Draper purchased 30,000 Bitcoins in an auction run by the US Marshals Service. At the time, he accurately predicted that Bitcoin would hit $10,000 by 2018.
In addition, the investor predicted that non-fungible tokens would move from the consumer to the enterprise. “Now, your diploma and your driver’s license, and your employment history, and your medical records, and all that stuff will go on to an NFT, and that will be sort of a new direction for NFTs,” he said.
Draper also said that he believes decentralized finance, which is now seen as just a tool for speculation, will also gain more institutional acceptance.
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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.