Guru Tim Draper believes Bitcoin will be worth $250k in a year (and he’s not the only one)

He believes that the cryptocurrency will multiply by more than 10 times by the end of 2023. He is not the only cryptocurrency mogul whistling in the dark.

June 24, 2022 09.23

During an interview with Forbes in January of this year, venture capitalist Tim Draper offered an ambitious prediction: Bitcoin would hit $250,000 in a year. At the time, Bitcoin was worth around $41,000.

“This is the year it will happen,” insisted Draper, who paid $18.7 million at a US Marshals Service auction in 2014 for his stash of around 30,000 bitcoins. “By the end of this year, or the beginning of next,” he persisted.

Tim Draper

Suffice to say, Draper’s prediction isn’t working. Bitcoin has lost more than half its value since the beginning of the year, falling from $47,000 on New Year’s Day to around $20,000. Draper is one of four cryptocurrency moguls who are no longer billionaires thanks to the digital currency crash. But don’t back down.

Via email, Draper reiterated his price target. “I am more convinced than ever that it is happening,” he said. “By late 2022 or early 2023.”

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Since the beginning of March, these eleven people have lost the most money in cryptocurrencies. Only seven are still billionaires and they lost a total of $61 billion in the last three months.

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Coinbase Co-Founder Fred Ehrsam Buys the Dip, Purchases $75M of Company Stock
Fred Ehrsam, co-founder and former president of cryptocurrency exchange Coinbase.

Fred Ehrsam, co-founder and former president of cryptocurrency exchange Coinbase, insists that the market crash is nothing more than growing pains. “One thing most people don’t fully understand: It takes years, often decades, to go from a new infrastructure-level technological advance (such as crypto) to a vibrant ecosystem of mainstream applications,” tweeted Ehrsam earlier this week. The 34-year-old computer genius is now worth an estimated $900 million, up from $2.1 billion in March.

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One reason Ehrsam may have a cool head: his fortune includes about $367 million in after-tax cash income from sales of shares of coinbase, which traded last year at an average price of $316 per share (Coinbase is currently trading around $52 per share). ). Ehrsam seems to see the market crash as a buying opportunity: bought $77 million worth of Coinbase stock on behalf of his crypto venture capital and investment firm, Paradigm Capital, in May for between $60 and $73 per share.

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Cameron-(left)-and-Tyler-(r)-Winklevoss-by-Michael-Prince-for-Forbes_COMP_RGB-SL
The Winklevoss twins are some of the biggest Bitcoin investors.

Cameron and Tyler Winklevoss, Bitcoin Investors, Twin Brothers, and Founders of Cryptocurrency Trading Firm Gemini, have also seen their fortunes fall, from an estimated $4 billion in March to $3.2 billion now. They laid off 10% of Gemini’s staff on June 2, citing “crypto winter“.

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But they didn’t let the market implosion get in the way of their style. Your retro rock band, mars junctionis currently on tour in California, and in early June, the twins were recorded in a bar in Asbury Park, New Jersey, singing Journey’s Don’t Stop Believin’ about a week after the Gemini layoffs were announced.

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Sam Bankman-Fried, co-founder and CEO of ftx.
Sam Bankman-Fried, co-founder and CEO of ftx.

While the Winklevoss twins play rock stars, Sam Bankman Friedthe richest person in crypto, seeks a different role: savior of the industry. Earlier this week, the 30-year-old founder and head of trading giant FTX made huge loans to embattled crypto companies: $250 million to cryptocurrency lender BlockFi and nearly $500 million (including $300 million in Bitcoin, of course) to the Voyager Digital brokerage.

“We take seriously our duty to protect the digital asset ecosystem and its customers,” tweeted. Bankman-Fried’s estimated fortune is only down a few billion dollars since March, from $24bn to $20bn, mainly thanks to FTX’s $32bn valuation from its last round. financing in January.

the CEO of Binance spoke of his millionaire loss

In the meantime, the former richest person in cryptocurrencies, Changpeng Zhao (or “CZ”), founder and CEO of Binance, the world’s largest cryptocurrency exchange, is in a wry mood. “I’m more optimistic in bear markets 😂”, tweeted on Thursday, immediately followed by a second post: “Not financial advice.”

It may have been a joke, but CZ has good reason to offer such revelations: The SEC has opened an investigation into Binance’s initial coin offering, reported Bloomberg earlier this month. CZ’s venture is also under investigation by the US Department of Justice, the Commodity Futures Trading Commission, and the Internal Revenue Service (neither Binance nor CZ has been charged by any US authority). USA).

Among crypto billionaires, Zhao is the biggest loser, in percentage and dollar terms, since March 11. CZ’s estimated fortune of US$65 billion made him the 19th richest person in the world. Today, he is worth an estimated US$18.7 billion. Not that he cares in the least. “I really don’t know what my net worth is. I’m not too worried about it,” he told Forbes last summer.

Michael Saylor on bitcoin
Michael Saylor, a true Bitcoin believer whose software company Microstrategy has spent around $4 billion on Bitcoin investments in recent years

Michael Saylor, a true Bitcoin believer whose software company microstrategy has spent around $4 billion on Bitcoin investments in recent years, it has taken a different approach: going on the offensive. The 57-year-old software entrepreneur has been bombarding Twitter with upbeat posts and recently made television appearances on CNN, Fox Business Y Bloombergwhere he shrugged off concerns about his company’s balance sheet.

In March, MicroStrategy borrowed $205 million against your own Bitcoin to buy. Yes, she guessed it: more Bitcoin. Saylor is now another former billionaire, he estimates Forbes worth just over $700 million.

MicroStrategy
MicroStrategy

MicroStrategy shares are down 56% since the beginning of March, compared to the Nasdaq index’s 14% decline over the same period. But Saylor didn’t sell any of his precious Bitcoin: “Not a single satoshi,” he told the host of CNN, Julia Chatterley, this week, invoking a little-known term for the smallest unit of Bitcoin. (One satoshi is worth 0.00000001 BTC).

“Bitcoin will outlive us all,” Saylor insisted. “I’m pretty sure of that.”

*With information from ForbesUS.

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