Venture capitalist Tim Draper confirms a prediction that Bitcoin (BTC) will see a parabolic rally to $250,000 sooner than almost everyone thinks.
In a new interview with CNBC, the billionaire says he is extending his previous bull run forecast by six months, which brought the king’s crypto fortune to six figures by the end of 2022.
“I have extended my prognosis by six months. $250,000 is still my number.”
Draper says there are several reasons Bitcoin could go on the potential bull run of around 1,370% from its current price. At the time of writing, Bitcoin is changing hands at $17,069.
He says that women are currently an untapped demographic for crypto and could help drive up the price of BTC if they become more engaged.
“My guess is that the dam will burst as women control 80% of retail spending and only one in seven bitcoin wallets are currently held by women.”
Draper also says retailers are likely to start reaping the benefits of paying fewer fees by accepting crypto payments, rather than using traditional bank payment systems that cut each transaction more.
“Retailers save about 2% on every purchase made in bitcoin versus dollars. Once retailers realize that 2% can double their profits, Bitcoin will be ubiquitous.”
Draper predicts a future of bitcoin payments for life’s basic necessities like food, clothing, and shelter.
Another factor that could push Bitcoin’s price higher is the next halving event, which is scheduled for 2024, according to Draper. Halving events reduce bitcoin miner rewards and limit supply.
Draper, an early investor in Bitcoin, paid $18.7 million in 2014 to buy 29,656 BTC from US Marshals who seized them from the Dark Web marketplace Silk Road.
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Jorm S
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.