Tim Draper predicts cryptocurrencies will double by 2023. He’s hardly the only crypto billionaire whistle-blowing.
In a January interview with Forbes, Tim Draper, a venture entrepreneur, predicted that Bitcoin would reach a stunning $250,000 within a year. During this period, Bitcoin was trading at about $41,000 per coin.
Apparently, Draper’s forecast isn’t happening. Bitcoin dropped from $47,000 on New Year’s Day to roughly $20,000 since then. He’s one of four crypto magnates who lost billions in the cryptocurrency meltdown, but the ex-billionaire remains undeterred.
Forbes again contacted Tim Draper via email for his previous prediction but the Former crypto-billionaire says he is 100% certain Bitcoin will reach $250K:
“I am more convinced than ever that it is happening, By late 2022 or early 2023.”
After a precipitous decline from $32,000 in the wake of a bearish flag breakthrough, the downward trend in Bitcoin’s price has been stopped. Strong support is being provided by the range of all-time highs in 2017 between $17,000 and $20,000, contributing to a price comeback towards the big resistance level at $24,000 or maybe even $30,000.
Over the course of the last several months, the market has been experiencing a protracted and severe downward trend, and this price collapse has had a significant impact on investors’ attitudes.
It is absolutely pessimistic, and it is accompanied by negative financing rates in the market for perpetual futures, which indicates that traders are actively shorting BTC because they continually anticipate lower prices.
What Determines Bitcoin’s Worth
Supply and demand impact Bitcoin’s price, just like any other asset. In 2016, India’s banknote demonetization boosted Bitcoin’s value. In India, bitcoin was 20% more expensive than elsewhere. The 2019 bull run may be tied to Facebook’s Libra project announcement. The bull runs lost steam as word of Libra’s strict regulations spread. Bitcoin heavy-bag holders are called Bitcoin Whales. They have thousands of BTC, enough to make daily price moves.
Losses Of Crypto Billionaires
There are eleven individuals who collectively lost a total of $61 billion in cryptocurrency since the beginning of March, making their losses the most in the industry. There are now just seven people who are billionaires.
After losing 57% of his fortune and no longer being a billionaire, Fred Ehrsam, co-founder and former president of cryptocurrency exchange Coinbase, argues that the market crisis is nothing more than growing pains. The 34 years old, had a net worth of $2.1 billion in March but it has since dropped to an estimated $900 million.
The fortunes of Bitcoin investors Tyler and Cameron Winklevoss, who are twin brothers, have also taken a significant hit, falling from an estimated $4 billion in March to $3.2 billion currently.
CZ, the CEO of Binance, was ranked as the 19th wealthiest person on the planet, with an estimated worth of $65 billion. It is now believed that he has a net worth of $18.7 billion.
FTX CEO Bankman-Fried’s worth Fell from $24 billion to $20 billion.
The total amount that MicroStrategy spent to accumulate Bitcoin was around $3.96 billion. At the time of this writing, the recent drop in the value of Bitcoin has resulted in a loss of one billion dollars for MicroStrategy.