Bitcoin has had a rough few weeks, but American venture capital investor Tim Draper believes this is just an accumulation period for investors because Bitcoin and other cryptocurrencies would soon witness a breakout when the floodgate of crypto adoption opens up.
Tim Draper made the forecast during an interview with BlockTV. Draper, during the interview session, said in the next two years, people would have the opportunity of choosing between using a credit card that charges 2.5% to 4% for every transaction or Bitcoin which is frictionless.
He said he’s always very angry at the fact that banks charge 2.5% to 4% every single time he makes a swipe with his credit card.
“It just goes away,” Draper said, claiming he can do a lot with the charges and a lot of people around the world would also feel the same way.
The founder of Draper Fisher Jurvetson and Draper University furthered that for people to continue to feel convenient and secured with using their credit for transactions, a few more engineers will have to do more work.
“The technical analysis of Bitcoin comes out of bound the same way”, Tim said.
Tim averred that if the technical analysis of Bitcoin is properly deciphered, Bitcoin will cross the $250K level in 6 months or 1 year after halving.
“Now might be a very interesting buying opportunity for investors, and the technical analysis indicates that Bitcoin should be around $7,500 range during this period,” Draper stated.
The billionaire entrepreneur stressed that there are high chances that Bitcoin rallies up above $250,000 by the end of 2022 or the beginning of 2023 based on adoption.
He decreed that a lot of people are giving out Bitcoin as Christmas gifts and that is going to be fun as more wallets get created.
In his statement, Draper displayed his heavy yearning for mainstream adoption of cryptocurrency because he’s frustrated by the 2.5% to 4% charge from banks.
When asked if people are really ready to mass adopt the cryptocurrency, Draper said the floodgate is just about to open. He claimed 75% to 80% of the retail businesses and shopping around the world are done by women, and just 1 out of every 15 Bitcoin wallets is owned by women.
Draper said once women understand they are wasting 2.5% to 4% of their funds into the hands of the bank for every swipe they make with their credit cards, they will definitely begin to look for a solution.
While concluding, Draper asserted that once women come to realize this, the floodgate will open.