Tim Draper remains bullish on 250,000 Bitcoin price prediction in 2023

Tim Draper remains bullish on 250,000 Bitcoin price prediction in 2023

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

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

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

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

“FTX was centralized, dependent on a single founder,” the billionaire investor stated, referring to FTX creator and former CEO Sam Bankman-Fried. “When a currency is centralized – for example a central bank – 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 recent events have once again demonstrated the major vulnerabilities of centralization:

“I think this fiasco is going to bring a lot more Bitcoin maximalists. Note that your money is not safe in a centralized system, be it crypto or fiat.”

Draper also emphasized the importance of self-storage, which is in line with the principles of decentralization. At the same time, he also expressed confidence in centralized exchange Coinbase, saying: “I also have my tokens with Ledger and Coinbase. Neither of them use my tokens to lend or invest.”

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

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The investor has repeated 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 Soar Above $100,000 in 2023 Ahead of ‘Biggest Bear Market’ – Trader

Not everyone is equally optimistic about Bitcoin’s price in the near future. A Bitcoin advocate took to Twitter on November 7 to criticize Draper’s prediction, argued that it is clear that Bitcoin is not going to reach $250,000 by mid-2023. He also called for learning from the past, citing the failed Bitcoin prediction by the late John McAfee.

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

Additional reporting by Rachel Wolfson.