The collapse of the crypto exchange FTX has nothing to do with the success of Bitcoin, because BTC is decentralized and FTX is not, Tim Draper said.

Billionaire venture capitalist and serial blockchain investor Tim Draper isn’t giving up on his bitcoin anytime soon

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Forecast despite recent troubles in the cryptocurrency industry.

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

“There is no change in the price forecast. Still $250,000 early next year,” said Draper in an interview with Cointelegraph on November 15.

The collapse of the 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, dependent on a single founder,” the billionaire investor declared, referring to FTX creator and former CEO Sam Bankman-Fried. “When a currency is centralized, for example a central bank, it 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 shown the greatest vulnerability of centralization:

“I think this fiasco will bring out many more Bitcoin maximalists. Please note that your money is not safe in a centralized system, be it crypto or fiat.
Draper also emphasized the importance of self-awareness, which is consistent with decentralization principles. At the same time, he also expressed his trust in the centralized exchange Coinbase, saying: “I also keep my tokens with Ledger and Coinbase. None 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 would 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 Ahead of ‘Greatest Bear Market’ – Trader

However, not everyone has the same optimism about the price of Bitcoin in the near future. A bitcoin advocate took to Twitter on November 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 has set the crypto industry back several years, with further regulatory controls.

Additional reporting by Rachel Wolfson.

Source: CoinTelegraph