Team Draper: "Bitcoin Will Rise to $250,000 Next Year Despite FTX Incident"

Team Draper

[Asia Economy Reporter Jeong Hyunjin] Tim Draper, the legendary Silicon Valley venture capitalist and Bitcoin maximalist, has maintained his previous forecast that the price of Bitcoin will reach $250,000 (approximately 330 million KRW) despite the collapse of FTX, the world's third-largest cryptocurrency exchange.

On the 5th (local time), CNBC reported that Draper, in an email interview, responded to the question about his Bitcoin price outlook after the FTX collapse by saying, "I still predict $250,000." He originally predicted that Bitcoin would reach $250,000 by the end of this year, but now expects this to be delayed by about six months to around June next year.

Draper said that Bitcoin prices will show an upward trend next year, adding, "High-quality and decentralized cryptocurrencies like Bitcoin are expected to outperform some weaker coins."

He particularly noted that women have not yet appeared prominently in the cryptocurrency market and predicted that price increases will be centered around them next year. Since women dominate 80% of retail sales and currently own only about one out of every seven Bitcoins, once the barrier is broken, women will start buying Bitcoin, driving the price up.

The problem is that the current Bitcoin price is in the $17,000 range. CNBC expressed skepticism, pointing out that cryptocurrencies have fallen more than 60% this year, and Draper's prediction would require a 1,400% increase to materialize.

Another veteran Wall Street investor, Mark Mobius, recently claimed that Bitcoin prices could fall more than 40% next year, dropping to $10,000. Standard Chartered (SC) also forecasted that Bitcoin prices could plunge 70% next year, falling to as low as $5,000.