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Tim Draper hasn't given up on predicting bitcoin's price will rise to $250,000


The price of bitcoin will reach $250,000 by early 2023, despite the crisis caused by the collapse of FTX. Venture capitalist and billionaire Tim Draper told Cointelegraph.

"No change in the price forecast," he stressed.

According to Draper, FTX's collapse "has nothing to do" with the success of the first cryptocurrency because it is decentralized, while Sam Bankman-Fried's exchange is not.

"FTX was centralized, dependent on one founder. When a currency is centralized - by a central bank, for example - it has a single point of failure, and it can also be manipulated," the billionaire explained.

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The current crisis will lead to even more decentralization in the crypto industry, Draper suggested:

"I think this fiasco [with FTX] will attract a lot more bitcoin-maximizers. Note that your money is not protected in a centralized system, whether it's cryptocurrency or fiat."




Importance of self-monitoring

He also highlighted the importance of self-monitoring, but expressed confidence in bitcoin exchange Coinbase. According to the investor, he keeps his assets on that platform and in a Ledger hardware wallet.

"They don't use my tokens to borrow or invest," the billionaire noted.

Earlier, Coinbase CEO Brian Armstrong made a similar statement. He stressed that exchange users are not threatened by anything, and the company itself does not dispose of customer assets without their knowledge.

In 2018, Draper predicted bitcoin at $250,000 by 2022. He later expanded the prediction to early 2023, and recently increased it by another six months.


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