250,000 per bitcoin? Tim Draper explains why he’s still sticking to his bullish prediction

Venture capitalist Tim Draper recently told Bloomberg that the price of bitcoin would be able to reach the $250,000 level and even exceed these ultra-optimistic price targets.

Guess billionaire venture capitalist Tim Draper’s #BTC projection… pic.twitter.com/pzua5Ly6A5

– David Ingles (@DavidInglesTV) November 18, 2022

Draper continues to stick to his prediction despite the sharp decline in the market.

“There will come a time when you can buy your food, clothing and shelter all in bitcoins.“

He went on to mention that women control a whopping 80% of retail spending. Draper is confident that they will finally be able to make Bitcoin mainstream.

“When women realize 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.”

The venture capitalist, who backed successful companies such as Skype and Hotmail early on, has repeatedly predicted that the price of bitcoin could reach $250,000 by the end of 2023.

In a recent appearance at the Web Summit, Draper said that the largest crypto-currency would still be able to reach the aforementioned goal within six months.

Bitcoin is currently trading below the $17,000 level following the FTX collapse.

Draper told Bloomberg that the collapse of the FTX exchange was “predictable“since the beleaguered crypto-currency exchange was highly centralized. “Everything was centered around one man. And when you centralize anything, bad things can happen“, he added.