Benzinga - Early Tesla investor and billionaire venture capitalist Tim Draper believes that the price of Bitcoin (CRYPTO: BTC) will grow by 1,400% from its current value.
What Happened: Draper says that the catalyst will be women who have become more dominant in retail cryptocurrency spending, and it will fuel the Bitcoin rally to $250,000.
During a recent interview, Draper said that women control 80% of retail spending, which includes food, clothing, and shelter. However, he notes that "women only have, well way back when, it was like one in 14 Bitcoin wallets, and now it's one in six."
"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," Draper said.
Also Read: Bitcoin Miners Under Selling Pressure Amid Ongoing Downturns Post FTX Bankruptcy
"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," he added.
Previous Prediction: Earlier in May, Draper predicted that Bitcoin would eventually hit the $250,000 price level.
The venture capitalist is known to bet on upcoming technologies and has put his money into Skype, Hotmail, and Tesla during their nascent stages.
At the time of writing, Bitcoin was trading at $16,652, down 1.2% in the last seven days.
Last week, a crypto analyst on Twitter mentioned several high-liquidity zones for Bitcoin. The largest of these lies at $13,500. "Although there's liquidity to grab around $18.5k, $17.2k, and $15.5k, the bigger one is lower at $13.5k.
Photo: by Diarmuid Greene/Web Summit via Sportsfile on Wikimedia
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.