The collapse of crypto exchange FTX has nothing to do with the success of Bitcoin, because BTC is decentralized and FTX is not, said Tim Draper.
Billionaire venture capitalist and serial blockchain investor Tim Draper isn’t giving up on his bitcoin anytime soon
BTC

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$16,785

Forecast despite recent troubles in the cryptocurrency industry.

Draper continues with his bullish prediction that Bitcoin will hit $250,000 by 2023 despite the ongoing FTX-fueled crypto crisis.

“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 the success of Bitcoin, because Bitcoin is decentralized and FTX is not, according to Draper.

“FTX was centralized, it depended on a single 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, has a single point of failure and can also be manipulated,” he added.

According to Draper, the fall of FTX would only trigger further decentralization in crypto, as recent events have once again demonstrated the greater vulnerability of centralization:

“I think this fiasco will attract a lot more bitcoin maximalists. Keep in mind that your money is not safe in a centralized system, be it crypto or fiat.
Draper also emphasizes the importance of self-understanding, which is in line with the principles of decentralization. At the same time, he also expressed his confidence in the centralized exchange Coinbase, saying, “I also store my tokens with Ledger and Coinbase. Neither of them use my tokens for lending or investing.”

As Cointelegraph previously reported, Draper first made his famous Bitcoin prediction in 2018, predicting that BTC will hit $250,000 in late 2022 or early 2023.

The investor has repeated his prediction several times since then, ignoring major bear markets and the fallout from the collapse of major crypto exchanges and investment firms.

Related: Bitcoin Will Shoot Above $100K in 2023 Before ‘Biggest Bear Market’: Trader

Not everyone has the same optimism about the price of Bitcoin in the near future. A Bitcoin advocate took to Twitter on Nov. 7 to criticize Draper’s prediction, arguing that it is clear that Bitcoin will not hit $250,000 until mid-2023. He also called for learning from the past, referring to the late John’s failed Bitcoin prediction. McAfee.

According to Binance CEO Changpeng Zhao, the FTX fiasco set the crypto industry back several years, with further regulatory scrutiny looming.

Additional reporting by Rachel Wolfson.

Source: CoinTelegraph

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