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

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Venture capitalist Tim Draper continues to show ironclad support for bitcoin even during this time. Draper, who has been an evangelist for bitcoin, has said repeatedly that he expects the digital asset to hit six figures, and once again, he took a chance to double down on his predictions.

Bitcoin Will Reach $250,000

In an an interview with Bloomberg, Tim Draper said he expects the price of bitcoin to actually reach $250,000. His reasoning behind this was that bitcoin had not yet really trickled down into retail shopping. According to Draper, he believes that when this happens, bitcoin will see the price of $250,000, and maybe even higher.

Warning of a tie with the bitcoin symbol, Draper points to the fact that women control 80% of all retail spending, and that it will be this demographic that drives this adoption. He explains that women’s participation in the space has already increased with 1 in 6 BTC wallets owned by women. Then when women start using BTC payments for their retail expenses like food, shelter and clothing, and businessmen start moving to bitcoin to capture more profit, Draper expects the price of bitcoin to move quickly to $250,000.

Bitcoin price chart from TradingView.com

This is not the first time Draper has given a $250,000 BTC prediction. Although he did not give a timeline this time, he previously said that he expects the digital asset to hit this price in mid-2023. In the same interview, Draper also said that he holds most of his wealth in crypto .

BTC Still Holds Promise

A good argument for the future of bitcoin 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 roughly tripled in price every few years.

If BTC maintains its historical trend, then the next bull market, a price of $200,000 would not be out of the question. A tripling of the previous all-time high for the next one would actually put the digital asset right above $200,000 in the next bull market.

Currently, bitcoin is struggling to mark a bottom through the current bear market. Until a bottom is established, there is no runway for the market to start another bull run. The bankruptcies of many big players also did not help the digital asset in this regard.

Featured image from Crypto Syringe, chart from TradingView.com

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