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

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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 doesnt have any connection with the success of Bitcoin because Bitcoin is decentralized in nature, and FTX was not, as reported by Draper.

FTX was centralized, connecting 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 decentralization around cryptocurrencies on account of the latest events showing vulnerabilities around centralization. Draper highlighted on the importance of self-custody, which is considered to be in sequence with principles of decentralization, along with expressing confidence around centralized 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 criticizing Drapers prediction.

(With insights from Cointelegraph)

Also Read: Special Report FTXs Bankman-Fried begged for a rescue even as he revealed huge holes in firms books

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