Here’s How Bitcoin Would Hit “Bizarre” $250,000 in Next Few Years
- Tim Draper doubles down on his $250,000 per Bitcoin in next two years prediction
- Robert Breedlove, Founder & CEO of Parallax Digital also predicts $240k in Dec. 2023
- Women Draper says will play a key role in Bitcoin’s mass adoption
Long-term venture capitalist Tim Draper has doubled down on his prediction of $250,000 each Bitcoin in the next two years.
Draper’s bold prediction isn’t based on any technical analysis because he doesn't “quite understand” them but he sees it “pretty likely that we’re gonna hit $250,000 by end of 2022 or early 2023 based on customer adoption of Bitcoin” which he thinks “is spreading.”
However, Draper is not alone in this, Robert Breedlove, founder, and CEO of Parallax Digital, an event-driven hedge fund, and digital securities consultancy, says Bitcoin would make a new all-time high in December 2020 and then $240k in Dec. 2023.
Women to drive Bitcoin Adoption
While speaking with BlockTV, the billionaire investor said by Bitcoin halving next year in May, a lot of regular users would have made their shift from bank cards to Bitcoin. Women, especially he says will play a key role in Bitcoin’s mass adoption.
“I think the floodgates are about to open because it turns out that women do about 75-80 percent of the shopping and only 1 out of 15 Bitcoin wallets is held by a woman.”
Draper points out how frustrating it is to deal with banks that charge 2.5 to 4% every time you swipe your credit card.
“So once women realize they are wasting 2.5-4 percent every time they swipe their credit card they will definitely be starting to look for a better solution.”
“Extraordinary but Not Usual”
Talking about Draper’s Bitcoin price prediction of $250,000 in the next two years, Brian Kelly Founder & CEO of BKCM LLC, a digital currency investment firm said though these numbers “sounds bizarre” but not out of the realm of what bitcoin has done in the past.
$250k per BTC would put the market cap of the world's' leading cryptocurrency at about $4.5 trillion dollars, which is half the market cap of all the gold in the world, explains Kelly.
In 2019, Bitcoin already surged to almost $14,000 level so this prediction Kelly emphasizes is “extraordinary but not usual.”
He notes how Draper has previously said that Bitcoin would take over gold's market share. Given that at $250k, it would take 50% of gold’s market cap, this prediction is not far out.
Meanwhile, Fundstrat's Tom Lee says on a log basis “it is consistent with generational trade.” But this could very well take 5 years. Even still, it would still be considered a huge surprise success, he said.
According to Lee, the easiest way to make money in 2020 in crypto is to position in Bitcoin which is close to a buy. Moreover, if the regulatory position diminishes next year, 2020 should be a lot better for crypto than 2019.