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

The collapse of crypto exchange FTX has nothing to do with the success of Bitcoin because BTC is decentralized and FTX does not was not, said Tim Draper.< /p> New

Billionaire venture capitalist and serial blockchain investor Tim Draper isn't giving up on his short-term Bitcoin (BTC) 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 price forecast. Still $250,000 early next year,” Draper said in an interview with Cointelegraph on Nov. 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 centralization's greatest vulnerabilities:

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

Draper also emphasized 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