Venture capitalist Tim Draper reiterated his prediction that the price of bitcoin (BTC) will exceed six figures in the coming months.
In a new interview, Draper reiterated that “by the end of this year or early next year” bitcoin will reach a price of $250,000.
The venture capitalist, who has placed early bets on Coinbase, Hotmail, Skype, Tesla and Twitter, believes the catalyst will be the fact that women are increasingly using bitcoin for purchases.
One thing that will probably happen, but I don’t know exactly when, is that women will start using bitcoin. Recently we had one woman for every 14 bitcoin holders, now it’s something like one in six. And I think eventually there will be more.
What I mean by that is that women control about 80% of retail spending. And retailers haven’t figured out yet that they can save 2%. They usually operate on very low margins, so they can double their profits. They can save 2% just by accepting bitcoins instead of a bank-issued credit card.
If suddenly all women had bitcoin wallets and bought things with bitcoins, everything would change. And you would see a bitcoin price that would surpass my estimate of $250,000.
The billionaire investor also predicts that the non-exchangeable token (NFT) and decentralized finance (DeFi) sectors will be adopted at the corporate and institutional level.
I’ve noticed that technology tends to be first adopted by consumers and then rolled out to enterprises.
I think we’re going to see NFT move from the consumer to the enterprise, and your diploma, driver’s license, employment history, medical records, and everything else will move to the NFT format. And that’s going to be kind of the new direction for NFT.
DeFi will go from a consumer speculating to an institution moving money around.
Draper also spoke about decentralized autonomous organizations (DAOs), which can be used to more fairly reward the various stakeholders of a successful business.