Tim Draper Still Believes Bitcoin Will Hit $250,000

Tim Draper

Draper recently shared why he still sees Bitcoin at $250,000 and likely beyond despite the intense crypto winter.

American billionaire Tim Draper has reiterated his bullish support for Bitcoin despite the crypto winter intensified by the sudden crash of the FTX stock market.

Draper predicted last June, during the bull market, that the top crypto asset would reach $250,000 by the end of 2022. However, his prediction is less likely to happen this year, as the largest cryptocurrency is now trading below $100,000. $17,000 after the FTX fiasco.

Women and vendors can push Bitcoin to 250K

However, the billionaire still believes that Bitcoin will reach the $250,000 target and will probably exceed it once the market picks up and people, especially women, start using cryptocurrency for their daily purchases.

According to Draper, women control 80% of total spending in retail, which includes clothing, housing and food.

He added that women’s interest in cryptocurrency has also improved. In the past, women controlled 7.14% of Bitcoin wallets, but today, the number has more than doubled to 16.6%.

The billionaire investor further pointed to another reason that could ultimately boost the price of Bitcoin is when merchants start accepting BTC for payments.

“When women realize they can get a discount by paying in bitcoin or retailers realize they can double their revenue by accepting bitcoin, it’s going to move pretty fast,” she said.

The crypto asset is trading at around $16,000, after reaching almost $70,000 in 2021. Although it is down more than 75% since its ATH, a growing list of companies around the world have embraced cryptocurrency as a payment option, with the latest being the South African supermarket chain Pick n Pay.

Draper’s plans for Bitcoin

Draper began making the $250,000 Bitcoin 2020 prediction while describing what the United States would be like if he became president for a day.

Forecasts aside, the billionaire venture capitalist noted that he would explore other aspects of the crypto asset if given the opportunity. Draper said he would test a Bitcoin-based universal basic income (UBI) or tax system.

The cryptocurrency advocate also stated that he sees Bitcoin as protection against bad governance during the recently completed Web.