American investor Tim Draper still believes that the Bitcoin price will eventually reach $250,000.
In a recent interview with prominent cryptocurrency trader Scott Melker, he claimed that more women will start using Bitcoin. He thinks this, in turn, will significantly expand the user base of the cryptocurrency.
“Suddenly all women will have Bitcoin wallets and will buy things with Bitcoin,” Draper said.
Considering that around 51% of wealth in the US is controlled by women, it’s not hard to guess that they could raise the price of Bitcoin significantly.
According to the famous billionaire, retailers are not yet aware that they can save 2% by accepting Bitcoin instead of bank-issued credit cards. Draper said this could potentially double their profits as they operate with very thin margins.
The famous billionaire has repeatedly predicted that the price of Bitcoin will reach $250,000 by early 2023. Moreover, in 2020, Draper, one of the early investors of Skype and Hotmail, said that if elected president, he would make Bitcoin the official currency in the USA.
In 2014, Draper bought 30,000 Bitcoins at an auction run by the US Marshals Service. At the time, he correctly predicted that Bitcoin would reach $10,000 by 2018.
However, given that the flagship cryptocurrency is currently trading at just $29,025, it seems highly likely that his $250,000 prediction will fail in the short term.
New cryptocurrency trends
Talking about the next big developments in the crypto industry alongside Bitcoin prediction, Draper predicted that immutable tokens will go from consumer to business.
“What I’ve noticed is that often technologies are handled by consumers first and then migrated to the company. (…) Now, your diploma and driver’s license, your employment history, your medical records and all that stuff will go to an NFT and that will be a new direction for NFTs.”
Decentralized finance, now seen only as a tool for speculation, will also gain increasing institutional acceptance, according to Draper.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.