Venture capitalist Tim Draper is doubling down on his prediction that Bitcoin (BTC) will go parabolic to $250,000 sooner than others predict. In a new interview with CNBC, he said he is adding six months to his previous growth forecast, which put the top crypto asset at six figures by the end of 2022, according to Daily Hodl.
“I have extended my prediction by six months. $250,000 is still my number.”
At the time of writing, Bitcoin was trading at $17,069. Draper said there are several reasons why Bitcoin could go on the potential bull run of about 1,370% from its current price. He said that women are currently an untapped demographic for cryptocurrency and could help lift the price of BTC if they are more involved.
“My assumption is that, since women control 80% of retail spending and only one in seven Bitcoin wallets are currently held by women, the dam is about to break.”
Draper also says that retailers are likely to begin to take advantage of having to pay fewer fees by accepting payments in cryptocurrencies instead of using traditional banking payment systems that charge higher fees per transaction.
“Retailers will save roughly 2% on every purchase made in Bitcoin vs dollars. Once retailers realize that 2% can double their profits, Bitcoin will be ubiquitous.”
Another factor that could boost the price of Bitcoin is the next halving event scheduled for 2024, Draper said. The halving reduces the reward of Bitcoin miners by limiting the supply.
In addition, Draper predicts a future of Bitcoin payments for life’s basic needs such as food, clothing, and shelter.
Draper, an early investor in Bitcoin, paid $18.7 million to buy 29,656 BTC in 2014 from US marshals who confiscated it on the Silk Road darknet market.
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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.