Billionaire Tim Draper on what will trigger the next Bitcoin bull run

Given its recent moves, Bitcoin has been in a bear market, and it’s no secret that the digital asset is far from a bull market. This has sparked speculation about what will really spark another bull rally in the vanguard cryptocurrency. Billionaire Tim Draper has been outspoken when it comes to his views on the cryptocurrency market, giving his take on it and what he thinks will be decisive for the next Bitcoin bull run .

women are key

It is no surprise that more and more women are entering the market. While men still disproportionately dominate crypto investing, the number of women entering the field has been on the rise, with up to a third of investors now being women. Still, there is a long way to go before more women enter the crypto space, and billionaire Tim Draper believes they will drive the next Bitcoin rally.

Related reading | Bitcoin dominance remains high as market sell-off resolves

Draper based this on the fact that women have enormous purchasing power, and if they were to bring that power into the Bitcoin market, it would spark another rally in the digital asset. His assessment of that assessment isn’t far off, given that he says women control about 80 percent of retail spending.

BTC recovers above $30,000 | Source: BTCUSD on TradingView.com

Women currently account for only 30% of all crypto investors in the U.S., and women have yet to enter the market on a large scale compared to their male counterparts, who, by contrast, have lower retail purchasing power. The factor behind this difference usually comes down to the fact that men are considered risk-takers compared to women. So it’s more comfortable to play in a relatively new, barely regulated space.

Pushing Bitcoin to $250,000

Draper’s analysis of more women entering the market could mean Bitcoin is set for a new all-time high. He presented where he thinks the price of the digital asset could eventually reach, a figure of $250,000.

Related reading | Bearish Indicators: Is Bitcoin About to End Its Ninth Red Week?

However, the billionaire explained another factor that will push prices up to this point. In addition to more female adoption, he also mentioned that merchants that accept Bitcoin are more economical than credit cards.

He noted that once cryptocurrencies are more widely accepted as a payment method, it will push more women to own bitcoin wallets and buy things with bitcoin. The billionaire added: “Then you would see Bitcoin just over $250,000 by my estimate.”

Featured image from Blockchain Journal, chart from TradingView.com

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