Is Bitcoin still poised to hit $250K? Tim Draper thinks so

Sahana Kiran
Source – Unsplash

Over the last couple of days, Bitcoin’s big drop to the mid $15K range led to several speculating if the crypto industry was dead. However, several BTC bulls seemed to be bullish about the asset going beyond its previous highs. Tim Draper, a prominent venture capitalist prolonged his age-old prediction of Bitcoin hitting $250,000.

Appearing in a recent interview, Draper discussed a wide range of market developments. As was already indicated, several lost faith in the king coin. Investors predicted that Bitcoin wouldn’t even be able to reach its record-high price of $69K, but Draper had great hopes for the currency.

It should be noted that Bitcoin was trading for a low of $16,764.25 with a 1.17 percent daily rise, at press time.

While suggesting that BTC entailed the potential to hit $250K and go beyond it, he noted how it will soon emerge as a prominent method of payment.

He said,

“It will take a moment when you can buy your food, your clothing, and your shelter all in Bitcoin.”

In addition to this, he further went on to suggest that since women control about 80 percent of retail spending, they are likely to take Bitcoin mainstream. He added,

“When women realize that they can get a discount by paying in Bitcoin when retailers realize that they can double their profits by accepting Bitcoin, it’s gotta move pretty quickly.”

Did Draper foresee the downfall of FTX?

The plummet of FTX sent shockwaves across the globe. Commenting about the downfall of the platform, Draper suggested that such a fall was predictable considering the level of centralization of the platform.

He pointed out how the entire platform was centered around Sam Bankman Fried which appeared to be the problem. He further stated,

“FTX was very centralized. It was all centered around this one guy. And when you centralize anything, bad things can happen.”