Bitcoin

Tim Draper still expects Bitcoin to reach a $250,000 valuation in 2023

Billionaire venture capitalist and serial blockchain investor Tim Draper is expected to not give on his Bitcoin prediction despite the recent issues around the cryptocurrency industry, as reported by Cointelegraph.

According to Cointelegraph, Draper will go ahead with his prediction that Bitcoin will reach $250,000 in 2023 despite the ongoing FTX-based cryptocurrency crisis. It is believed that the collapse of the FTX cryptocurrency exchange doesn’t have any connection with the success of Bitcoin because Bitcoin is decentralised in nature, and FTX was not, as reported by Draper.

“FTX was centralized, reliant on a single founder. When a currency is centralized — a central bank for instance — it has a single point of failure, and can also be manipulated,” Harper stated, while referring to Sam Bankman-Fried, creator and former CEO, FTX.

On the basis of information by Cointelegraph, Draper cited that the fall of FTX would result in more decentralisation around cryptocurrencies on account of the latest events showing vulnerabilities around centralisation. Draper highlighted on the importance of self-custody, which is considered to be in sequence with principles of decentralisation, along with expressing confidence around centralised exchange Coinbase. Reportedly, Draper made his first Bitcoin prediction in 2018, through a forecast that Bitcoin would reach $250,000 by the end of 2022 or early 2023. 

Moreover, Cointelegraph noted that on November 7, 2022, a Bitcoin advocate used Twitter for criticising Draper’s prediction.

(With insights from Cointelegraph)

Also Read: Special Report – FTX’s Bankman-Fried begged for a rescue even as he revealed huge holes in firm’s books

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