Tim Draper remains bullish on bitcoin’s value. Despite the bear market plaguing the crypto sector, he estimates that bitcoin will reach $250,000 by the middle of 2023. He explains this rise by the gender dimension that remains untapped in the crypto sector. His predictions are a far cry from those of other experts who predict a continued decline in bitcoin prices for the next year.
Tim Draper predicts a 1400% rally for bitcoin
The value of bitcoin has fallen 60% this year following the bear market precipitated by the collapse of FTX. Nevertheless, Silicon Valley venture capitalist Tim Draper stands his ground by estimating that bitcoin will hit $250,000 by mid-2023. of the year 2022, but he extended his prediction by six months. He actually said to CNBC by email that $250,000 remains his figure.
For such a prediction to come true, bitcoin would need to rise nearly 1400% from its current price of around $17,000. The crypto market is going through a crisis due to the tightening of monetary policy by the Fed and the impacts of the bankruptcy of companies like Terra, Celsius and now FTX. Unlike Draper, investor Mark Mobius told CNBC that bitcoin will plunge to $10,000 next year.
The dam is about to break
Tim Draper’s prediction of bitcoin’s rise is gender-based. According to him, there remains a huge untapped demographic for BTC, namely women. He said women control 80% of retail spending and women currently only hold one in seven wallets, so the dam is about to break.
Draper adds that retailers would save around 2% on every purchase made in bitcoins compared to dollars. Once they understand the benefits that flow from it, bitcoin will be ubiquitous. Tim Draper also explains that the reduction in bitcoin mining in 2024 will boost the crypto.
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