EXCLUSIVE: Tim Draper Says These Cryptocurrency Trends Show That Bitcoin Is The Future, On Track For $250,000

As the government continues to print money and investors become increasingly anxious, institutions that aren't holding Bitcoin BTC/USD will have to answer to investors, billionaire venture capital investor Tim Draper said Tuesday at Benzinga's Crypto Festival.

Cryptocurrency Trends: Rising inflation decreases the value of fiat money, while increasing the value of cryptocurrencies, he said. 

At some point in the future, people will be able to do everything they do with dollars using Bitcoin, Draper said.

"Once that happens there's going to be a switch thrown in people's heads."

People will question whether they should be involved with currency tied to government and politics or be involved in the new world of cryptocurrency, he said. 

Another prevailing trend is that formerly only one of 14 Bitcoin wallets were owned by women, but that number is currently closer to one in three, Draper said.

Women control about 80% of retail spending, he said, adding that he expects women to demand the ability to use cryptocurrencies for payment.

Bitcoin Is The Future: Draper told Benzinga he has been going into retail establishments for five years and asking about Bitcoin to get a sense of sentiment.

In the beginning, many people had no idea what he was even talking about. A few years later, people began to laugh at the question. This year, he noticed a dramatic change in that people began to say they either accept Bitcoin or have plans to accept it, he said. 

"Smaller countries that have been at the mercy of the bigger country currencies" are very excited about adopting cryptocurrencies as national currencies, Draper said. 

United States regulators understand that the economy is moving toward cryptocurrency, he said: "If they don't embrace Bitcoin and other cryptocurrencies, then they run the risk of losing the future."

Draper told Benzinga that he is often asked when he plans to sell his Bitcoin. To that, he emphatically responds, "Why would I want to sell the future currency for the past currency?"

When Bitcoin was at $4,000 Draper predicted it would reach $250,000 around the end of 2022 or early 2023. "I think we're right on track," he said. 

"I've had a little time to reflect on it and I just can't imagine anything more important for humanity than this."

See the full interview here:

BTC Price Action: Bitcoin is up 63.88% year-to-date.

Bitcoin was down 0.77% at $47,354.90 at time of publication Tuesday afternoon.

Photo by Eivind Pedersen from Pixabay.