Venture capitalist Tim Draper is doubling down on his prediction that Bitcoin (BTC) will reach a price of more than $250,000, a meteoric ascent of over 1,400% from the king crypto’s current value.
In a new Bloomberg interview, Draper unveils what he believes would be the catalyst that fuels a Bitcoin rally to $250,000.
“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 realize that they can get a discount by paying in Bitcoin, when retailers realize they can double their profits by accepting Bitcoin, it’s going to move pretty quickly.”
In May, the prominent venture capitalist reasserted his prediction that Bitcoin will eventually hit the $250,000 price level.
In light of the high-profile implosion of FTX, Draper says that as an investor in the crypto space, he is focusing on decentralized assets.
“As an industry player, I am looking to invest in things that are decentralized. I think there are big opportunities in anything that looks like it has the opportunity to be decentralized, like the DAOs (decentralized autonomous organizations).
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.”
Bitcoin is trading at 16,637 at time of writing, down nearly 2% on the day.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Emanuel Bustos