December 7, 2022: -Venture capitalist Tim Draper believes bitcoin will reach $250,000 a coin by 2023, even following a bruising year for the cryptocurrency market with industry failures and sinking prices.

Draper indicated that bitcoin would increase by $250,000 by 2022, but in November, at the Web Summit tech conference in Lisbon, he added that it would take until June 2023 for this to materialize.

On Saturday, he reaffirmed this position when asked how he felt about his price call after the collapse of FTX.

“I am extending my prediction by six months. $250k is still my number,” Draper said.

For Draper’s prediction to come true, Bitcoin would need to rally nearly 1,400% from its low price of around $17,000. The cryptocurrency has tumbled over 60% since the beginning of the year.

Digital present currencies are in the doldrums as a tighter monetary agency from the Fed, and chain areas of bankruptcies at significant industry companies, which include Terra, Celsius and FTX, have put intense forces on prices.

FTX’s demise has worsened the industry’s already severe liquidity crisis. Crypto exchange Gemini and lender Genesis is said to be impacted by the decrease from FTX’s insolvency.

In the previous week, veteran investor Mark Mobius stated that bitcoin could crash to $10,000 in the coming year, a more than 40% tumble from current prices. The co-founder of Mobius Capital Partners, correctly known as the drop to $20,000 this year.

Nevertheless, Draper is convincing that bitcoin, the most prominent cryptocurrency, is set to increase in the coming year.

“I anticipated a flight to quality and decentralized crypto such as bitcoin and for a few of the weaker coins to make relics,” he said.