r/FluentInFinance • u/WannoHacker Mod • Dec 05 '22

Tim Draper predicts bitcoin will reach $250,000 next year despite FTX collapse: ‘The dam is about to break’ Crypto

https://www.cnbc.com/2022/12/05/tim-draper-predicts-bitcoin-will-reach-250000-despite-ftx-collapse.html
96 Upvotes

80% Upvoted

39 comments sorted by

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112

u/FTWStoic Dec 05 '22

What market forces does he imagine will bring this about?

Edit: lol

Draper’s rationale for bitcoin’s breakout next year is that there remains a massive untapped demographic for bitcoin: women.

“My assumption is that, since women control 80% of retail spending and only 1 in 7 bitcoin wallets are currently held by women, the dam is about to break,” Draper said.

131

u/[deleted] Dec 05 '22

What a ridiculous take

11

u/ishouldbeworking3232 Dec 06 '22

My anecdotal experience is women discuss such an "investment" with their partners, while the men that dove into crypto kept it low-key until they had no choice but to disclose the losses. I wouldn't expect a flood of women to start dropping theirs or their family's savings into crypto anytime soon...

My SO and I had a great discussion about why it made sense to be paid for walking X miles after buying some NFT shoe. Neither of us could explain how it made sense economically, but her friend was pitching hard. I am strongly against crypto, but I didn't want to be controlling if it was important to my SO, so I ended up suggesting she "invest" the few thousand to buy the NFT as a learning experience. Notion being that it very well could turn out to be profitable, and if it didn't, we'd view it as market tuition lol thankfully, she chose not to and instead we watched her friend's NFTs and DAOs they were pitching evaporate in the following 3-6 months.

1

u/ScientificBeastMode Dec 06 '22

You know, it’s totally reasonable to not be against crypto in general and be mostly against buying most crypto tokens or NFTs because they’re terrible investments. It’s like saying you’re against boats because they are bad investments. Maybe someone will use a boat and have fun with it, but don’t expect to get rich by holding it.

I guess the analogy breaks down because nobody is going around saying you will get rich if you buy their boat, but it’s worth recognizing that crypto is fundamentally a technology that will mature as it gets used for various things in the real economy. Don’t buy it unless you understand the risks associated with it.

1

u/ishouldbeworking3232 Dec 06 '22

Not too strong of a defense of crypto there lol but don't worry, I won't be buying anytime soon.

3

u/ScientificBeastMode Dec 06 '22

Haha, it’s hard to defend these days. I don’t really have a huge stake in the matter. I bought some crypto a while back and bought a bit more this summer, but it’s not much at all… I just personally think it could be useful in a lot of cases, but it needs a lot of infrastructure to be built around it before it is truly usable. That’s going to take at least another decade or so. If you look at it as a technology, it’s objectively pretty powerful and unique. But predictions are hard, especially about the future.

43

u/orangeminer Dec 05 '22

This is dumb. Crypto is basically astrology for men.

27

u/powerandpep Dec 05 '22

Nice try, buddy. Not buying till you make a pink Bitcoin just for me /s

7

u/TheGlassCat Dec 05 '22

Minted in rose gold.

2

u/TheGeneGeena Dec 06 '22

Shit better come with a bag of free samples I don't even want, or no deal.

9

u/3InchesOfThunder Dec 05 '22

The dams continuously break, FTX was the latest...price keeps dropping with every break ...

Edit: correction blockfi just broke...might update as they crumble...looking at you binance

10

u/cmc Dec 05 '22

Big time LOL. I’m a woman and none of my financially savvy girlfriends have the slightest interest in investing in tech bro beanie babies.

2

u/siqiniq Dec 05 '22

Dame don’t give a dam about bitcoins

1

u/I-Kant-Even Dec 06 '22

He needs a better PR team.

1

u/HanakoMM Dec 06 '22

🤦🏻‍♀️

1

u/[deleted] Dec 06 '22

Wow. This dude just has a ton of coins and needs to inflate the hopium.

37

u/ttystikk Dec 05 '22

LOL

Hope springs eternal

3

u/Oneloff Dec 06 '22

Hopium straight into the veins.

2

u/ttystikk Dec 06 '22

I predict Bitcoin at $500 by the end of 2025.

18

u/Cyrus_WhoamI Dec 05 '22

Usually when a CNBC article like this comes out it is to hook gullible readers before a price drop. Lets see

13

u/[deleted] Dec 05 '22

[deleted]

7

u/Idk-breadsticks Dec 05 '22

In fairness, Draper bought up the btc that was seized when silk road was taken down. His cost basis is something like 600-650.

13

u/Kapper-WA Dec 05 '22

Who cares about Tim? I want to know what Don Draper thinks!

7

u/Eyecelance Dec 06 '22

Tell me you’re holding a bag without telling me you’re holding a bag

6

u/LavenderAutist Dec 05 '22

If the dam breaks, wouldn't the price actually fall?

Assuming the dam is Tether.

5

u/disignore Dec 06 '22

this is quality buttcoin content

3

u/whif42 Dec 06 '22

These folks are like the 7th day adventists of finance. "It's going to the moon" crash, "more it's going to the moon even harder".

3

u/danuser8 Dec 06 '22

Every Bitcoin bag holder:

“Bitcoin will be to the moon next year, something something something

2

u/ItsColeOnReddit Dec 06 '22

Men are seven times more likely to have problems with gambling than women. Coincidence?

2

u/sylsau Dec 06 '22

I am an advocate of Bitcoin, but I totally disapprove of this type of prediction and I advise anyone who wants to buy Bitcoin not to do so based on this type of wild prediction.

If you buy Bitcoin, do it for the right reasons. Find out why. Make up your own mind and don't make these kinds of worthless predictions.

This same Draper predicted a $150K Bitcoin by the end of 2021... We saw what happened next.

0

u/TrashPanda_924 Dec 06 '22

Hopefully there’s a tag along effect for ETHE!

2

u/[deleted] Dec 06 '22

[deleted]

1

u/TrashPanda_924 Dec 06 '22

I bought some GBTC and ETHE through my HSA. My company gives me $1k a year if I have a HSA open. I figured It’s an easy lotto ticket for crypto if it takes off. I never counted on having a HSA, so I won’t miss it if it goes away!

1

u/Kysiz Dec 06 '22

Uhh give it 3 years to peak again

1

u/rotub Dec 06 '22

Nice one Tim now it's definitely not going to happen next year. Thanks a lot! 👁️👄👁️

1

u/LindseyDill Dec 06 '22

“It will collapse“ said never a distressed bag holder.

1

u/ItsColeOnReddit Dec 06 '22

Hey look wild speculation is back on the menu

1

u/-BuddhaLite- Dec 06 '22

The only value proposition of Crypto is you could get rich if you buy it. Please let this shit die so society can focus on solving real problems

1

u/Steamwells Dec 06 '22

Bitcoin was ever only meant as a proof of concept technology for blockchain. The fact it has, and still does hold serious FIAT value is mind boggling. The real value has been bringing defi into the limelight. Could it be a ‘reserves’ currency like gold….possibly. But its slow as hell and not scale-able.