Former Tesla investor and billionaire venture capitalist Tim Draper believes that the price of Bitcoin BTC/USD will grow through 1,400% of current value.

What happened: Draper says the catalyst will be women, who have become more dominant in retail cryptocurrency spending, and fuel Bitcoin’s rally to $250,000.

During a recent interview, Draper said women control 80% of retail spending, which includes food, clothing and shelter. However, he notes that “women only had one in 14 bitcoin wallets, and now it’s one in six.”

“If women realize they can get a discount by paying for bitcoin while retailers realize they can double their profits by accepting bitcoin, it’s going to be pretty quick,” Draper said.

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“I like what is happening with smart contracts around Bitcoin. I think that’s very exciting because they’re going to make it, so we don’t need that much legal advice. We can actually have most of these contracts built into the software,” he added.

Previous prediction: In early May, Draper predicted that Bitcoin would eventually reach the $250,000 price level.

The venture capitalist is known for investing in emerging technologies and has invested in Skype, Hotmail and Tesla in their early stages.

At the time of writing, Bitcoin was trading at $16,652, down 1.2% over the past seven days.

Last week, a crypto analyst tweeted several zones of high liquidity for Bitcoin. The largest of these is at $13,500. “Although there is liquidity to snap around $18.5K, $17.2K and $15.5K, the larger is lower at $13.5K.

Photo: by Diarmuid Greene/web summit via Sportsfile on Wikimedia