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$250,000 per Bitcoin? Tim Draper Explains Why He Still Stands by His Bullish Prediction

18 Nov, 20222 min readAnalytics
$250,000 per Bitcoin? Tim Draper Explains Why He Still Stands by His Bullish Prediction

Famous venture capitalist Tim Draper recently told Bloomberg that the Bitcoin price would be able to hit the $250,000 level and even go beyond that uber-bullish price targets.

Draper continues to stand by his prediction in spite of the sharp market downturn.

“It will take a moment when you can buy your food, your clothing, and your shelter all in Bitcoin.”

He went on to mention that women control a whopping 80% of retail spending. Draper is convinced that they will finally be able to make Bitcoin mainstream. “When women realize that they can get a discount by paying in Bitcoin, when retailers realize that they can double their profits by accepting Bitcoin, it’s gotta move pretty quickly.”

The venture capitalist, who was an early backer of such successful companies as Skype and Hotmail, has repeatedly predicted that the price of Bitcoin would be able to hit $250,000 by the end of 2023.

During a recent appearance at Web Summit, Draper said that the largest cryptocurrency would still be able to achieve the aforementioned target within six months.

Bitcoin is currently trading below the $17,000 level following the collapse of the FTX empire.

Draper told Bloomberg that the collapse of the FTX exchange was “predictable” since the beleaguered cryptocurrency exchange was very centralized. “It was all centered around this one guy. And when you centralize anything, bad things can happen,” he added.

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