Investor Tim Draper is backing Bitcoin price to reach $250,000 by mid 2023, despite the gloomy predictions we have been seeing so far.
Bitcoin, and its sister cryptocurrency, saw a 2022 to forget and many are losing faith in it as the savior of the future. However, it still has several loyalists. One of them is Tim Draper, a venture capitalist known for his investments in tech companies like Baidu, Hotmail, Skype, Tesla, SpaceX, AngelList, SolarCity, Ring, Twitter, DocuSign, Coinbase, Robinhood, Ancestry.com, Twitch, Cruise Automation, and Focus Media.
Initially, Draper had said that Bitcoin price would reach $250,000 by the end of 2022 but several factors including the collapse of FTX, made this impossible.
However, he is sticking to his guns on this one after reaffirming his stance on Bitcoin in an email conversation with CNBC.
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To reach that number, the crypto would have to see a 1,400% increase from its current price within 6 months, a kind of jump we have not seen in its history. Even the crypto’s $10,000 to $50,000 price jump took nearly two years.
Although, Draper has a strong record when it comes to bets. For example, he had predicted that bitcoin price would soar to $10,000 in three years after he acquired 29,656BTC from the US Marshals raid of Silk Road dark web in 2014. The digital money rose to $20,000 instead, doubling his prediction.
This time around, he is basing his prediction on women, as the untapped demographic to take bitcoin to the next level.
“My assumption is that, since women control 80% of retail spending and only 1 in 7 bitcoin wallets are currently held by women, the dam is about to break,” he had said.
Draper added that the 2% that retailers save on every purchase made using bitcoin (instead of middlemen like Visa and Mastercard) would convince more of them to begin accepting it. There is also the upcoming 2024 halving of bitcoin miners reward, which the investor expects to further boost the crypto economy.
It is important to remember that Tim Draper was also among the investors that backed Theranos and lost his money when the company was discovered to be a farce and its founder, Elizabeth Holmes, convicted and sentenced.
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