Tim Draper Still Positive on Bitcoin Price Prediction of $250,000 in 2023

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Billionaire venture capitalist and serial blockchain investor Tim Draper is not giving up on his Bitcoin (BTC) short-term prediction despite recent troubles in the cryptocurrency industry.

Draper continues to stick to his bullish prediction that Bitcoin will hit $250,000 in 2023 despite the ongoing crypto crisis fueled by FTX.

“No change in the price forecast. Still $250,000 early next year,” Draper said in an interview with Cointelegraph on November 15.

The collapse of crypto exchange FTX has nothing to do with Bitcoin’s success because Bitcoin is decentralized, and FTX was not, according to Draper.

“FTX was centralized, dependent on one founder,” the billionaire investor said, referring to FTX creator and former CEO Sam Bankman-Fried. “When a currency is centralized – a central bank for example – it has a single point of failure and can also be manipulated,” he added.

According to Draper, the fall of FTX would only trigger more decentralization in crypto as the latest events have once again demonstrated the greatest vulnerabilities of centralization:

“I think this fiasco is going to attract a lot more Bitcoin maximalists. Note that your money is not secured in a centralized system, whether crypto or fiat.

Draper also stressed the importance of self-guarding, which is consistent with the principles of decentralization. At the same time, he also expressed his confidence in the centralized exchange Coinbase, saying, “I also keep my tokens with Ledger and Coinbase. None of them use my tokens to borrow or invest.

As previously reported by Cointelegraph, Draper made his famous Bitcoin prediction in 2018, predicting that BTC would hit $250,000 by the end of 2022 or the start of 2023.

The investor has reiterated his prediction several times since, ignoring major bear markets and the fallout from the collapse of major crypto exchanges and investment firms.

Related: Bitcoin will shoot over $100,000 in 2023 before the “biggest bear market” – Trader

However, not everyone has the same optimism about Bitcoin’s price in the near future. A Bitcoin advocate took to Twitter on November 7 to criticize Draper’s prediction, arguing that it is clear that Bitcoin will not reach $250,000 by mid-2023. He also called for learning from the past, referencing the late John McAfee’s Bitcoin prediction failure.

According to Binance CEO Changpeng Zhao, the FTX fiasco has set the crypto industry back a few years, with more regulatory scrutiny to come.

Additional reporting by Rachel Wolfson.


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