Tim Draper Still Believes Bitcoin Could Reach $250,000

Alex Dovbnya

Bitcoin price would need to rise 762% for Draper’s prediction to be accurate


A pie-in-the-sky forecastNew cryptocurrency trends

American investor Tim Draper is still convinced that the price of Bitcoin will eventually reach $250,000.

During a recent interview with well-known cryptocurrency trader Scott Melker, he predicted that more women would start using Bitcoin. This would significantly expand the cryptocurrency’s user base.

“Suddenly all women will have Bitcoin wallets and they will buy things with Bitcoin,” Draper predicted.

Considering that about 51% of wealth is owned by women in the US, it’s not far fetched to predict that they could drive up the price of Bitcoin significantly.

According to the famous venture capitalists, retailers also need to realize that they can save 2% by accepting Bitcoin instead of bank-issued credit cards. This could potentially double their profits, as they operate on very thin margins, Draper said.

A pie-in-the-sky forecast

As reported by U.Today, the venture capitalist has repeatedly predicted that Bitcoin’s price would hit $250,000 in early 2023.

In 2020, Draper, who was an early investor in Skype and Hotmail, said he would make Bitcoin an official currency in the US if he was elected president.

In 2014, Draper bought 30,000 Bitcoins at an auction held by the US Marshals Service. At the time, he accurately predicted that Bitcoin would reach $10,000 by 2018.

However, given that the flagship cryptocurrency is currently trading for just $29,025, it is highly likely that its $250,000 forecast in less than a year will fail miserably.

New cryptocurrency trends

Speaking of the next big thing in crypto, Draper predicted that non-replaceable tokens would move from consumer to enterprise.

“Now your degree and your driver’s license, and your employment history, and your medical records, and all that stuff goes to an NFT, and that’s going to be kind of a new direction for NFTs.”

Decentralized financing, now seen as just a tool for speculation, will also see increasing institutional adoption.

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