Bitcoin Hits $250,000 Next Year Despite FTX Crash – Tim Draper Predicts. Even after the relief, we expect Bitcoin to reach $250,000 per coin by mid-2023.
Draper previously predicted that Bitcoin would cross $250,000 by the end of 2022, but he said at the Web Summit tech conference in Lisbon in early November that he didn’t expect that until June 2023. said it would not be relevant.
Consistent with Draper’s prediction, it’s a % increase from its current price of about $17,000. Cryptocurrencies are down more than 60% year-to-date.
The FTX collapse also exacerbated an already severe liquidity crisis in the sector. Cryptocurrency exchange Gemini and lender Genesis are among the companies affected by the FTX bankruptcy.
Last week, veteran investor Mark Mobius told CNBC that Bitcoin could fall to $10,000 next year, down more than 40% from its current price. The co-founder of Mobius Capital Partners correctly described this year’s drop as he said $20,000.
But Draper is confident that the world’s largest cryptocurrency, Bitcoin, will make significant gains in the new year.
Cryptocurrencies have long had gender issues. A study conducted by Momentive for CNBC and Acorns found that men are twice as likely to invest in digital assets as women (16% of men vs. 7% of women). Draper added:
“Retailers can save about 2% per purchase in bitcoin against the dollar.” Payment brokers such as and Mastercard now charge twice as much as credit card holders paying with their cards.
Bitcoin offers people a way to bypass middlemen. However, digital currency prices are volatile and coins are not widely accepted as a currency, making it difficult to use digital currencies for daily spending. “Once people can buy food, clothes and homes with bitcoins, we no longer need fiat currency from centralized banks,” Draper said.
“Fiat currency control is centralized and fickle. If politicians decide to spend $10 trillion, your dollars are worth about 82 cents. Interest rates need to be raised to strike a balance, and these arbitrary centralization decisions create an incoherent economy,” he added. Fiat currencies, unlike cryptocurrencies, derive their value from the issuing government.
Meanwhile, according to Draper, the so-called bitcoin halving (which cuts bitcoin rewards to bitcoin miners) scheduled for 2024 will also give the cryptocurrency a boost as supply declines over time. wax. The total number of mined Bitcoins is capped at 21 million.