Time Draper, a venture capitalist, explains why Bitcoin will move past $250k by the end of 2022 or early 2023. His views of the industry are quite optimistic even though the market’s current situation is not that great. It is also very bold to assume that Bitcoin will increase by 8-10 times in the next 1 year or so. Let’s see from where Tim’s optimism is spewing from.
Tim Draper believes Bitcoin will move past $250k
Tim has previously given a price target of $250k for Bitcoin. But the current price is at $30k, and it doesn’t seem like we will really see it happen this year. So, in an interview with Scott Melker, also known as Wolf of All Streets, Tim was asked whether he thinks $250k is happening this year. There he replied that “Yeah, by the end of this year or early next year.”
He then explained why he thought this would happen. Tim said that women will start using Bitcoin, but he isn’t sure when it is going to happen. But when it does, it will increase Bitcoin investors by quite a lot. It’s reported that only 1 in 6 BTC investors is a woman. Tim thinks that the stats will even out in the future.
Draper then explained that Women drive 80% of the retail business and spending. So, if they start using Bitcoin and retailers realize that by accepting BTC, they can save the 2% charge of bank credit cards, then it can change everything. A recent survey from Blockfi says that 1 in every 3 Women in America plans to buy crypto in 2022. So, from one end, things are good.
Crypto’s relation to stocks
In the last few months, the performance of tech stocks and cryptocurrencies has been very similar. This correlation has many people worried. However, Tim Draper thinks that as speculators move out of the market, its performance will diverge from the tech stocks. But we must also understand that cryptocurrencies are like tech stocks themselves. So, even if this correlation continues, it won’t be surprising.
What are your thoughts as Tim Draper says Bitcoin will move past $250k by 2022 end or early 2023? And do you think the scenario he presented is too optimistic? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: US Senate candidate wants to make Dogecoin legal tender.
