Well, well… Here’s some exciting news. Tim Draper is joining the ranks of people like Ross Ulbricht and claiming that 2020 will be the year in which bitcoin hits new heights.
Tim Draper Is a Man of Wild Predictions
Previously, the venture capitalist claimed that bitcoin would likely hit the $250,000 mark by the year 2022. He later pushed his prediction back a few months to 2023, but now he’s moving everything forward by roughly three years. He thinks bitcoin could easily reach this figure by 2020.
At first glance, it’s easy to become excited. The idea that the world’s number one cryptocurrency would shoot up to a quarter-million dollars in such a short amount of time is quite intriguing, but how valid is such a statement?
In a recent interview, Draper freely admits that he is not currently up to speed with what technical analysts say will happen. He’s not aware of their ideas, nor is he clear on what they think will occur for the currency in the coming 12 months.
In addition, $250,000 in roughly one year’s time is quite a jump. Right now, bitcoin is trading at just over $7,100. This is an improvement over the $6,800 it was trading at just last week, but it’s not anything special. $7,000 is still relatively low compared to where bitcoin was last summer or in December of 2017, so the idea that bitcoin will have to add another $243,000 prior to 2021’s entrance seems a little farfetched.
But hey… This is bitcoin, after all. As we’ve seen before, virtually anything can happen. The currency already impressed us once in 2017 when it spiked from $1,000 during the early months of the year to nearly $20,000 by the time 2018 was ready to ring in. It’s not like bitcoin hasn’t experienced major jumps before, and while 2017’s behavior isn’t anything close to what will be needed to reach $250,000, perhaps this isn’t as out of the question as some might think. And, if Draper’s prediction is proven right, the world will soon see an addition of more BTC billionaires.
Draper explains:
It will look like something six months to a year after the halving that we will cross the $250,000 line for bitcoin… The technical analysts evaluate bitcoin, and they say it should be in the $7,500 range in this period.
Women Will Lead the Way
Aside from the BTC price, Draper also believes that major change will hit the bitcoin space in which more women will become involved and even take on leading positions. He states:
I think the flood gates are about to open because it turns out that women do about 75 to 80 percent of the shopping and only one out of 15 bitcoin wallets is held by a woman, so once women realize they are wasting 2.5 to four percent every time they swipe their credit cards, they will definitely be starting to look for a better solution.
