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Tuesday, March 28, 2023

Venture Capitalist Tim Draper Explains Why Bitcoin Will Soar Past His $250K Estimate

Venture Capitalist Tim Draper Explains Why Bitcoin Will Soar Past His $250K Estimate – Tim Draper, a venture capitalist, has increased his $250K bitcoin price prediction. Draper was asked if he still thinks the price of bitcoin will hit $250K this year in a recent interview with Scott Melker, dubbed the Wolf of Wall Street.

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He responded:

“Yes, by the end of this year or the beginning of next.”

Draper went on to explain why he thinks BTC would surpass his projection. “One thing that will almost certainly happen – and I don’t know when – is that women will begin to use bitcoin,” he said.

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Previously, only one out of every 14 bitcoin holders was a woman, according to the venture capitalist. “It’s around one in six right now, and I think it’ll even out soon,” he said.

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According to a March survey by crypto financial services provider Blockfi, roughly one-third of American women expect to buy cryptocurrencies in 2022. Furthermore, 60% of those surveyed said they want to do so within the next three months.

“Women control around 80% of retail spending, and retailers haven’t yet discovered that they can save 2%, and they normally run on thin margins, so that might be like doubling their earnings,” Draper explained. They can save 2% simply by accepting bitcoin instead of a credit card issued by a bank. And that has the potential to change everything.”

According to Draper:

“Suddenly, everything changed. All of the women will have bitcoin wallets and will be making purchases with bitcoin, resulting in a bitcoin price that will easily surpass my $250,000 prediction.”

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Despite the present economic situation, Draper told CNBC on May 19 that “I’m still a bull on bitcoin because it’s a wonderful hedge against inflation.” “As the speculators go, it will eventually diverge from the tech equities,” he added.

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