Bitcoin will reach $250,000 at most a year after the halving

Bitcoin will jump to $250,000 within 6-12 months after the May 2020 halving.

This is according to billionaire Tim Draper, who is considered an authoritative voice in the crypto industry.

Bitcoin however, it won't break $7,500 before then, Draper told 'BlockTV' recently.

But increased absorption, 6 months or a year after the halving, will trigger a bull market in BTC that will push the coin to $250,000.

In the interview for BlockTV, Draper stood by his multi-year forecast of $250,000. This time, he cited that this price will be seen 6-12 months after the halving in May, due to increased adoption worldwide. 

According to him, mass adoption will be observed in the coming years due to the major changes that will occur in the financial system.

According to the entrepreneur, most people prefer to use Bitcoin to make payments instead of bank credit cards, as such cards attract fees between 2,5% and 4%, while Bitcoin allows for cheap and hassle-free transactions.

What's more, Draper believes there will be an influx of people into Bitcoin around the holidays, as the digital asset is a very attractive Christmas gift. 

Thus, more wallets will be created as more people will use and hold the cryptocurrency.

When asked why Bitcoin adoption is moving at a snail's pace, Draper pointed out that it's because approximately 75% to 80% of shopping worldwide is done by women. He also noted that only 1 in 50 women own a BTC wallet.

In this sense, once women realize that they are spending too much money on pointless credit card fees, they will look to a better alternative – in this case, Bitcoin. 

Draper predicts that BTC will then achieve the mainstream acceptance it deserves.