Blog

Venture capitalist Tim Draper continues to point out staunch help for bitcoin even throughout this time. Draper who has been an evangelist for bitcoin has mentioned a number of occasions that he expects the digital asset to hit six figures, and as soon as once more, he has taken a possibility to double down on his predictions.

Bitcoin To Reach $250,000

In an interview with Bloomberg, Tim Draper mentioned that he expects the worth of bitcoin to really attain $250,000. His reasoning behind this was that bitcoin has not likely trickled down into retail procuring simply but. According to Draper, he believes that when this occurs, bitcoin will see the $250,000 value mark, and presumably even greater.

Warning a tie sporting the bitcoin image, Draper factors to the truth that ladies management 80% of all retail spending, and that it is going to be this demographic that drives this adoption. He explains that the participation of girls within the area was already on the rise with 1 in 6 BTC wallets being owned by ladies. Then when ladies begin utilizing BTC funds for his or her retail spendings akin to meals, shelter, and clothes, and retailers begin shifting in direction of bitcoin to seize extra revenue, Draper expects the worth of bitcoin to maneuver rapidly to $250,000.

This will not be the primary time that Draper could be giving a $250,000 BTC prediction. Although he didn’t give a timeline this time round, he had beforehand mentioned that he expects the digital asset to hit this value in mid-2023. In the identical interview, Draper additionally mentioned that he holds most of his wealth in crypto. 

BTC Still Holds Promise

A great argument for the way forward for bitcoin and the potential for seeing six-figure costs is the truth that the cryptocurrency continues to be comparatively younger. It solely took 12 years for the worth to achieve $69,000 and has roughly tripled in value each few years.

If BTC maintains its historic development, then the following bull market, a $200,000 value mark wouldn’t be out of the query. A tripling of the earlier all-time excessive for the following one would truly put the digital asset simply above $200,000 within the subsequent bull market.

For now, bitcoin is struggling to mark a backside via the current bear market. Until a backside is established, there isn’t a runway for the market to start out one other bull rally. The bankruptcies of a number of giant gamers have additionally not helped the digital asset on this regard both.

Featured picture from Crypto Syringe, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional humorous tweet…