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Draper Predicts that Bitcoin will Hit $250,000 Despites FTX’s Fall

(Yonhap Infomax = Seoul) Tim Draper, a well-known venture capitalist in Silicon Valley, said that the price of Bitcoin will rise to $250,000 next year, even though the FTX crashed this year.

CNBC reported on the 5th (local time) that Draper said, “I extend my original prediction by 6 months,” and “Bitcoin $ 250,000 is still my number.”

Draper had said before that Bitcoin would be worth more than $250,000 by the end of the year.

Draper said that Bitcoin would have to go up about 1,400% from its current price of $17,000 for his prediction to come true. Due to the fall of the US Federal Reserve (Fed, Yeonjun) and FTX, Bitcoin prices have dropped more than 60% this year alone.

Draper thinks that the price of bitcoin will go up again next year, despite all the bad news, because more women will be investing.

“Women spend 80% of all money in stores, but only 1 in 7 bitcoins is owned by a woman,” he said.

Men have led the way in the Bitcoin investment craze for a long time. The research firm Momentive found that 16% of male investors own Bitcoin, which is more than twice as many as the number of female investors (7%).

“Every time retailers use bitcoin instead of dollars, they’ll save 2% of their costs,” Draper said.

“Once people can buy food, clothes, and a place to live with Bitcoin, they won’t use the dollar as a centralized bank asset anymore,” he said.

Draper is well-known in Silicon Valley as the founder of the venture capital firm Draper Associates. He became well-known by putting money into tech giants like Tesla, Skype, and Baidu.

But, unlike what Draper said, many analysts think that the price of Bitcoin will go down even more in the future.

In an interview with CNBC last week, Wall Street investor Mark Mobius said that the price of Bitcoin could drop as much as $10,000 next year, which is more than 40% less than where it is now.

Mobius, who helped start the company Mobius Capital Partners, was right when he said that the price of Bitcoin would drop to $20,000.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.