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.
“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.
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.