Tim Draper, a billionaire venture capitalist, believes that Bitcoin (BTC) can still reach $250K in 2023 despite recent events regarding FTX.
According to blockchain investor Tim Draper, the success of BTC should not be largely affected by what happened with FTX.
He had previously predicted that BTC could reach $250,000 in early 2023. In a recent interview, Tim Draper stated that his views have not changed. According to him, Bitcoin is completely opposite from FTX given that BTC is fully decentralized. Draper went on to say that centralization is the reason why FTX and other centralized entities failed, mainly because they have a “single point of failure.”
Moreover, Draper believes that there may be a silver lining for the crypto industry after FTX’s fall. He believes that these events will only trigger more decentralization and will only increase reliance on the likes of Bitcoin.
Similar to other influencers, Draper believes self-custody is essential, and that users should not rely on centralized exchanges. Though he did mention that he still believes in the likes of Coinbase.
Many perceive Tim Draper’s views as overly optimistic, as he believes that BTC can reach $250K early in 2023. However, realistically speaking, we are currently in a crypto winter, and no one knows for sure how long this winter may last.
Additionally, global events have largely affected all financial markets, including cryptocurrencies. Hence, even the likes of Elon Musk acknowledged that the crypto winter may last long.
Changpeng Zhao, CEO of Binance, believes that the FTX controversy will only bring more scrutiny to the crypto market, and this may slow crypto adoption.
Though Bitcoin still remains the most secure trusted cryptocurrency in the market.