In a new interview with Bloomberg, Draper spoke about what he thinks would make the flagship cryptocurrency see a meteoric price ascent to $250,000.

According to the venture capitalist, at a point in the future, Bitcoin (BTC) will become a prominent asset to facilitate the payment of goods and services.

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Draper explained further that women, who control 80% of retail spending are increasingly getting involved in crypto. He said there was a time when 1 in 14 wallets belonged to women, but it’s now 1 in 6 wallets, which proves the improvement in the growth of women in the crypto industry.

Tim Draper noted:

“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.”

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At the time of filing this report, BTC is trading at $16,626, with a relatively 1% price downtrend in the last 24 hours, according to CoinMarketCap.

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The post Billionaire Tim Draper Explains Why He Believes Bitcoin (BTC) Will Surpass $250,000 in the Long Run appeared first on Times Tabloid.

While speaking at this year’s Web Summit held in Lisbon a few days ago, Draper said, “By mid-2023, I’m expecting to see Bitcoin hit $250,000.”

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Back in May, the billionaire investor reechoed his stance about the future price of Bitcoin (BTC) in a podcast interview with Scott Melker. He said he’s optimistic that the flagship cryptocurrency will reach a quarter of a million dollars by the end of 2022 or early 2023.

At the Web Summit 2022, Draper added that he expects an increase in Bitcoin adoption, stating that once BTC becomes a means for paying for goods, such as food, clothing, and shelter, there will be no need to hold on to fiat currency.

He also noted that any country that chooses to restrict the use of Bitcoin (BTC) in order to control all currencies, will suffer.

He said, “Whenever there is a new technology, and if the government embraces it, let its people experiment with it, those people will often do great things… we’re going through that right now, it’s going to be interesting.”

Read Also: ARK Invest CEO Cathie Wood Predicts When Bitcoin (BTC) Would Reach $1,000,000

It’s worth noting that Tim Draper is one of the early Bitcoin believers. He claimed that he first bought Bitcoin in 2011 on Mt. Gox, but lost everything to the collapse of the crypto exchange.

Despite the loss, Draper kept believing in the future prospect of Bitcoin (BTC). In 2014 when the digital currency was trading at $472, he won a US Marshals Service auction for about 30,000 BTC.

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The post Bitcoin (BTC) at $250,000? I Expect it to Happen By Mid-2023, Says Billionaire Tim Draper appeared first on Times Tabloid.