The venture capitalist has found himself to be in the latest headlines involving Bitcoin after he made a bold statement in favor of the asset.
Draper has proven that he is losing no confidence in the true potential of Bitcoin despite the recent fallouts. He does not consider the FTX crash to be a thing that can badly impact the image of Bitcoin.
The billionaire stated that he believes that Bitcoin is beyond this point and it would continue surging throughout the year 2023.
He has added that he believes that Bitcoin is going to be the next big thing right next to gold but it would offer much more than the yellow metal.
Bitcoin to Achieve $250k in 2023
Although Tim Draper was not able to pinpoint a specific month in 2023 he did predict that Bitcoin would hit $250,000.
He added that it may seem that FTX has dragged down the entire crypto market but it has done the industry a huge favor.
Due to the FTX crash, the regulatory authorities have realized how much of a risk there is when there is a central body involved in a project.
It would also allow the regulators to establish which segment is the more problematic one in the crypto sector.
The regulators would introduce stricter monitoring and regulatory process in their crypto-related guidelines.
Such an approach would eventually flush out the bad and dishonest projects leaving behind the ones that are legitimate, and honest with their users.
Bitcoin has Remained Loyal
He added that Bitcoin is completely opposite to FTX because it is not centralized. It has been decentralized ever since it was launched and it is being run by the Bitcoin community.
Even though Bitcoin investors are uncertain and afraid at the moment but it is fear caused by the FTX collapse. Soon, the fear would go away and people would realize the importance and legitimacy of Bitcoin.
As the money starts flowing in favor of Bitcoin, its price would eventually skyrocket. Even now, Bitcoin is being compared with the likes of gold.
If it manages to achieve the same valuation as gold in 2023, then its trading price would have reached a high of $250k per BTC.
This is not the first time Tim Draper has predicted the $250k price jump for Bitcoin. He had made the same prediction about Bitcoin in early 2022, and he is simply standing by it.
His confidence in Bitcoin would serve as a major positive factor in encouraging other investors to bet the same for Bitcoin in 2023.
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