benjamin Cowen

In a recent interview, Benjamin Cowen, a prominent figure in the crypto trading community, shared his thoughts on venture capitalist Tim Draper’s 2023 Bitcoin price prediction.

The Prediction

Tim Draper, a well-known billionaire  that made several early investments in companies that went on to explode, stated in an interview that he still predicts that the price of Bitcoin will hit $250,000 “by the end of this year or early next year”.

The investor cited an increasing number of women in the crypto space as his reasoning.

tim_draper

“One thing that will possibly likely happen, and I don’t know exactly when, is that the women will start using Bitcoin. It was one in 14 Bitcoin holders that were women. And now it’s something like one in six. And I think it will eventually be even.”

He went on to state that “women control about 80% of retail spending. And retailers haven’t yet realized that they can save 2%. And they usually run on very thin margins so that might like double their profits. They can save 2% just by accepting Bitcoin instead of taking a bank-issued credit card.”

It’s clear that Tim Draper’s Bitcoin price prediction comes from a rational place. As Bitcoin spreads into retail establishments and becomes used more often for everyday transactions, the demand will skyrocket and so will the number of transactions taking place on the network. Increased demand with Bitcoin’s fixed supply can likely only lead up but it’ll be a while yet before enough demand hits the market to push the price of Bitcoin above the six-figure threshold.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

Cowen’s Thoughts

It seems Benjamin Cowen wasn’t so hopeful about Bitcoin’s price for 2023.  Responding to Draper’s statement, Cowen said:

“Once upon a time, I would have liked to believe that 2023 would have been the year where we hit those, maybe $250,000 was always going to be too high, I was thinking more $100,000 or something by 2023.

Now I’m certainly a bit more skeptical about that idea, especially because of how hard the Fed pivoted and just have gone the complete opposite direction over the last six months.

I look at other things too like social statistics, and I follow new subscribers to crypto YouTube channels. I look at viewership on these types of things, and it’s all in a downtrend right now. If people are having a hard time buying gas, it’s going to make it even harder for people to buy Bitcoin.”

BTC Price 27.06

From these statements, it’s clear that the Bitcoin price prediction from Cowen is far more conservative, which makes sense. The market is likely to take a while longer to recover than Draper predicts. Considering we’re facing the worst rates of inflation for years, Cowen’s price prediction is likely not far off the money. People are struggling to pay for essentials, so it’s unlikely they’re going to jump at the opportunity to risk their funds on speculative investments.

DeFi Coin (DEFC) - Undervalued Project

Our Rating

DEFC
  • Listed on Bitmart, Pancakeswap
  • Native Token of New DEX - defiswap.io
  • Up to 75% APY Staking
  • Whitepaper and DeFi Tutorials - deficoins.io
DEFC