Tim Draper: women will drive up the price of Bitcoin to $250k

Billionaire and VC investor Tim Draper believes that the imminent adoption of Bitcoin by retailers combined with women’s control over spending will push “digital gold” up to $250k.

A stock image of a bitcoin logo with pink wires plugged in.

The investor told Scott Melker, host of the Wolf of All Streets YouTube podcast, that his July 2021 optimistic prediction will still come true by the end of the year, thanks to women investors. "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,” Draper said.

Draper is confident that retailers operating on thin margins will sooner or later accept Bitcoin instead of credit cards. According to CreditDonkey, the average cost of credit card transactions for sellers in-store and online is 2.9% and 3.5%, respectively. At the same time, the average BTC transaction fee is just $1.4, according to Bitcoin data aggregator BitInfoCharts.

According to Draper, women “control about 80% of retail spending,” so merchants accepting Bitcoin would lead to the cascade of crypto adoption. However, his predictions should be taken with a grain of salt. It’s been nearly a year since the investor took his bullish stance on Bitcoin and still maintains that it will go to $250k, although most analysts agree that the “digital gold” is unlikely to reach new ATH before 2023. However, Draper’s 2015 projection for Bitcoin rising to $10k in 2017 did, in fact, come true.