Tim Draper, a venture capitalist, stands by his earlier prediction that Bitcoin (BTC) will experience a parabolic climb to $250,000 sooner than almost everyone believes.

In a new interview with CNBC, the billionaire states that he is adding six months to his prior bull run estimate, which placed the leading cryptocurrency asset at six figures by the end of 2022.

He said:

“I have extended my prediction by six months. $250,000 is still my number.”

According to Draper, there are a number of factors that could lead to a Bitcoin price increase of 1,370% from where it is now.

Factors That Might Affect The Bitcoin Price Action

Draper says that women are now an undiscovered audience for cryptocurrency, and as they become more active, they might help push the price of Bitcoin up. Back in may, Draper already suggested on the Wolf of All Streets YouTube show that female investors could be useful in driving Bitcoin (BTC) to a market cap of $250,000 or more.

He stated:

“My assumption is that, since women control 80% of retail spending and only one in seven Bitcoin wallets are currently held by women, the dam is about to break.”

He adds that merchants will soon realize they can save money by taking cryptocurrency payments rather than those of traditional banking payment systems, which take much larger cuts of each transaction.

He adds that “retailers will save roughly 2% on every purchase made in Bitcoin vs dollars. Once retailers realize that 2% can double their profits, Bitcoin will be ubiquitous.”

The Billionaire investor believes that in the future, payments for essential aspects of human existence, such as food, clothes, and housing, will be made using the world’s biggest crypto coin.

According to Draper, the next halving event in Bitcoin’s mining supply is set for 2024, and this could lead to a price increase. Halving events diminish payouts for Bitcoin miners, restricting supply.