Tim Draper Stands By $250,000 Bitcoin Prediction, Here’s Why

Crypto News
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Venture capitalist Tim Draper continues to show unwavering support for bitcoin even in this day and age. Draper, who has been an evangelist for bitcoin, has said multiple times that he expects the digital asset to hit six figures, and again, he has taken the opportunity to double down on his predictions.

Bitcoin hits $250,000

In a interview speaking to Bloomberg, Tim Draper said he expects bitcoin’s price to actually reach $250,000. His reasoning behind this was that bitcoin hasn’t really seeped into retail yet. According to Draper, he believes that when this happens, bitcoin will see the price hit $250,000, and possibly even higher.

Draper warns against a tie with the bitcoin symbol, pointing out that women control 80% of all retail spending, and that it will be this demographic that is driving this adoption. He explains that female participation in the space was already on the rise, with 1 in 6 BTC wallets owned by women. Then, when women start using BTC payments for their shopping expenses like food, shelter, and clothing, and retailers turn to bitcoin to make more profit, Draper expects the price of bitcoin to quickly rise to $250,000.

Bitcoin price chart from TradingView.com

This isn’t the first time Draper would give a $250,000 BTC forecast. While he didn’t give a timeline this time around, he had previously said he expects the digital asset to reach this price in mid-2023. In the same interview, Draper also said that he keeps most of his wealth in crypto.

BTC still holds promise

A good case for bitcoin’s future and the possibility of seeing six-figure prices is the fact that the cryptocurrency is still relatively young. It only took 12 years for the price to reach $69,000 and the price has roughly tripled every few years.

If BTC continues its historical trend, the next bull market, a $200,000 price, is not out of the question. A tripling of the previous all-time high for the next would take the digital asset just above $200,000 in the next bull market.

For now, bitcoin is struggling to mark a bottom through the current bear market. Until a bottom is reached, there is no runway for the market to start another bull rally. The bankruptcies of several major players have also not helped the digital asset in this respect.

Featured image from Crypto Syringe, chart from TradingView.com

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