Moneycontrol PRO
you are here: HomeNewsBusiness

Women will push Bitcoin prices beyond $250,000: Tim Draper

Last year, too, Draper reiterated his 2018 prediction that Bitcoin would touch $250,000 by the end of 2022 or early 2023.

May 30, 2022 / 05:52 PM IST
Representative image

Representative image

Women will help power the price of Bitcoin (BTC) past $250,000 each, billionaire investor Tim Draper said, still bullish on the cryptocurrency.

Women control 80 percent of retail spending and their use of BTC to buy things will boost its price, he said.

“One thing that will most likely happen – but I am not sure when – is that women will start using BTC. Earlier, one in 14 BTC holders was a woman and now it is 1 in six and it will eventually be even,” the legendary investor told Scott Melker on the Wolf of All Streets YouTube show.

Retailers too have not yet realised they can save 2 percent on credit card fees just by accepting BTC instead of taking a bank-issued credit card, Draper said.

“And that can change everything. All of a sudden, all the women will have BTC wallets and will be buying things with BTC and you are going to see BTC price will blow right through my $250,000 estimate,” he said.

Draper added that BTC will also turn the world “upside-down” by making the poorest of countries the richest.

“Now is an amazing opportunity for countries to accept BTC. Entrepreneurs will go there and build an economy and their economy will thrive because they will have the currency they can trust. Their people will be free because they won’t be at the mercy of a government that just prints money,” Draper said.

In his advice to investors, Draper said one of his biggest mistakes was selling his investments too soon and that holding on to investments was a luxury.

On Musk

Asked to comment on Tesla CEO Elon Musk’s $44 billion Twitter bid, Draper said anything Musk touches turns to gold, the reason being that he gives direction to a company – and that direction is usually very visionary – and then attracts the best people in the world to do it.

“He trusts them and sets them free. People who work at Twitter will be trusted and set free to do great things and he will make the company an amazing, amazing success. He is a believer in free speech,” Draper said.

Slamming authoritative governments, Draper said they are among those that provide bad service at high cost. Governments will have to improve and be accountable or people will move to countries that encourage freedom and trust its citizens, he said.

“The next five years are going to be vital. Bad governments will be falling and if bad governments don’t shape up, become more free or trusting, they will see good governments rise economically over the next 40 years and go past them,” he said.

In June last year, Draper reiterated his 2018 prediction that Bitcoin would touch $250,000 by the end of 2022 or early 2023.

Bitcoin, the largest digital currency by market cap, is currently trading at $30,630, according to data from Coinmarketcap. Earlier this month, Bitcoin dropped from an all-time high of about $69,000 to $25,400.

Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.
first published: May 30, 2022 05:52 pm