Tim Draper, a venture investor, is doubling down on his forecast that Bitcoin (BTC) would reach a price of over $250,000, a parabolic increase of more than 1,400% from its present value.
In a recent interview with Bloomberg, Draper reveals what he thinks might be the impetus for a Bitcoin rise to $300,000.
“The reason it gets to $250,000 and probably beyond is that it will take a moment when you can buy your food, your clothing and your shelter all in Bitcoin.
And here are the statistics that I know: women control 80% of retail spending. And that’s usually the food, the clothing and the shelter. And women only have. Way back, it was like one in 14 Bitcoin wallets, and now it’s one in six.
And when women realise that they can get a discount by paying in Bitcoin, when retailers realise they can double their profits by accepting Bitcoin, it’s going to move pretty quickly.”
In May, the famed venture investor reaffirmed his forecast that the price of Bitcoin would reach $250,000.
In light of the high-profile collapse of FTX, Draper, a crypto investor, says he is concentrating on decentralised assets.
“As an industry player, I am looking to invest in things that are decentralised. I think there are big opportunities in anything that looks like it has the opportunity to be decentralised, like the DAOs (decentralised autonomous organisations).
The DAOs are going to be extraordinary for humankind. They’re going to sort of bring us through an anthropological leap forward. I kind of like those.
I like what’s happening in smart contracts around Bitcoin. I think those are very exciting because they’re going to make it, so we don’t need as much legal service. We can actually have most of those contracts built into the software.”
At the time of writing, Bitcoin is trading at 16,637, down over 2% daily.
