This is the reason why Tim Draper believes that Bitcoin will reach $250,000

American billionaire venture capitalist Tim Draper has reiterated his bullish support for bitcoin despite the crypto winter intensifying due to the sudden crash of the FTX exchange.

Draper and expect Last June, during a bull market, the leading cryptocurrency asset would reach $250,000 by the end of 2022. However, his prediction is unlikely to happen this year as the largest cryptocurrency is now trading below $17,000 after the failure of FTX.

Women and traders can push bitcoins up to $250,000

But a billionaire still Think Bitcoin will reach and possibly exceed the $250,000 target when the market recovers and people, especially women, start using the cryptocurrency for their daily shopping.

According to Draper, women control 80% of all retail spending, which includes clothing, shelter, and food.

He added that women’s interest in cryptocurrency has also improved. Previously, women controlled 7.14% of bitcoin wallets, but today that number has doubled to 16.6%.

The billionaire investor described another reason that might eventually drive the price of Bitcoin as 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 income by accepting bitcoin, that will happen very quickly,” he said.

The crypto asset is trading at around $16,000 after hitting nearly $70,000 in 2021. Despite dropping more than 75% from ATH, a growing list of companies around the world have embraced cryptocurrency as a payment option, with the last It is a South African Pick n Pay supermarket chain.

Draper’s Bitcoin Plans

Draper began predicting $250,000 for Bitcoin 2020 while describing what the United States would look like if he became president for one day.

Predictions aside, the billionaire venture capitalist indicated that he would explore other aspects of the cryptocurrency asset if given the chance. Draper said he would try a bitcoin-based universal basic income (UBI) or tax system.

As stated by the cryptocurrency lawyer look Bitcoin as a hedge against mismanagement during the just-concluded Web Submit 2022.

The post here Why Tim Draper Still Believes Bitcoin Will Hit $250K appeared first on CryptoPotato.

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