Venture capital investor Tim Draper is reasserting his prediction that the price of Bitcoin (BTC) will break well into the six figures over the coming months.
Draper says in a new interview that “by the end of this year or early next year,” Bitcoin will hit a price of $250,000.
The venture capital investor who made early bets on Coinbase, Hotmail, Skype, Tesla and Twitter says that the catalyst will be women increasingly using Bitcoin to shop.
“One thing that will possibly likely happen, and I don’t know exactly when, is that the women will start using Bitcoin. It was one in 14 Bitcoin holders that were women. And now it’s something like one in six. And I think it will eventually be even.
And the way it’s going to be even is women control about 80% of retail spending. And retailers haven’t yet realized that they can save 2%. And they usually run on very thin margins so that might like double their profits. They can save 2% just by accepting Bitcoin instead of taking a bank-issued credit card.
And that can change everything. And all of a sudden, all the women will have Bitcoin wallets and they will be buying things with Bitcoin. And you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate.”
The billionaire investor also predicts that the non-fungible token (NFT) and decentralized finance (DeFi) sectors get adopted at the enterprise and institutional levels.
“What I’ve noticed is generally technologies are first taken up by consumers, and then they move to the enterprise.
I think you’ll start seeing NFTs go from consumer to enterprise where now your diploma and your driver’s license and your employment history and your medical records and all that stuff will go on to an NFT. And that’ll be sort of a new direction for NFTs.
DeFi will go from the consumer speculating to the institution moving money around.”
Draper also highlighted his stance on decentralized autonomous organizations (DAOs). The crypto bull says that DAOs can be used to reward the various stakeholders of successful businesses more equitably.
“A DAO can solve all these social problems. You could have a DAO that benefits shareholders or the DAO owners, benefits customers who get the token for buying the product, benefits suppliers for supplying to that enterprise, and benefits employees for being a part of that enterprise. So benefits the community around which that enterprise operates.
And you would lose all this politics of envy where people are mad at [Amazon founder] Jeff Bezos for making so much money.”
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