Here’s Why Tim Draper Still Believes Bitcoin Will Reach $250,000

US billionaire venture capitalist Tim Draper has reiterated his bullish support for Bitcoin despite the crypto winter intensified by the sudden crash of the FTX exchange.

Drape predicted last June, during the bull market, that the leading crypto asset would reach $250,000 by the end of 2022. However, his prediction is less likely to happen this year since the largest cryptocurrency is now trading below $17,000 following the FTX fiasco.

Women and traders can push Bitcoin to $250k

Still, the billionaire still mean Bitcoin will reach the $250,000 mark and likely go beyond when the market recovers and people, especially women, start using the cryptocurrency for daily shopping.

According to Draper, women control 80% of total retail spending, which includes clothing, shelter and food.

He added that women’s interest in cryptocurrency has also improved. Previously, women controlled 7.14% of Bitcoin wallets, but today the number has more than doubled to 16.6%.

The billionaire investor further outlined another reason that could eventually push the price of Bitcoin is when merchants start accepting BTC for payments.

“Once women realize they can get a discount by paying in bitcoin or retailers realize they can double their revenue by accepting bitcoin, it’s going to move pretty quickly,” he said.

The crypto-asset is trading at around $16,000 after reaching nearly $70,000 in 2021. Although it is down more than 75% from its ATH, a growing list of companies worldwide have adopted the cryptocurrency as a payment option, with last be the South African supermarket chain Pick n Pay.

Draper’s Bitcoin Plans

Draper began making the $250,000 Bitcoin 2020 prediction while describing what the United States would look like if he became president for a day.

Aside from the forecasts, the billionaire venture capitalist noted that he would explore other aspects of crypto assets if given a chance. Draper said he would try out a Bitcoin-based universal basic income (UBI) or tax system.

The crypto advocate also stated that he looking Bitcoin as a hedge against bad governance during the just concluded Web Submit 2022.