Former Crypto Billionaire Insists Bitcoin Will Soar To $250,000 Within Next 18 Months

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Venture capitalist Tim Draper expects the cryptocurrency to grow more than 10x by the end of 2023. He’s not the only crypto mogul to whistle in the dark.

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Dduring an interview with Forbes In January of this year, venture capitalist Tim Draper made an ambitious prediction: Bitcoin would hit $250,000 in a year. At that time the price of bitcoin was around $41,000.

“This is the year that’s going to happen,” insisted Draper, who paid $18.7 million for nearly 30,000 bitcoins (yes, that’s $623 per bitcoin) at a US Marshals Service auction in 2014. “By the end of this year – or early next year.”

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Suffice it to say that Draper’s prophecy is not being fulfilled. Bitcoin has lost more than half of its value since the start of the year, falling from $47,000 on New Year’s Day to nearly $20,000. He is one of four crypto moguls who are no longer billionaires due to the digital currency crash. But Draper isn’t holding back. Arrived over email, Draper reiterated his price target. “I am more convinced than ever that this is happening,” he said. “By the end of 2022 or early 2023.”

easy Come Easy Go

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

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

There’s a reason Ehrsam might have a good head: His fortune includes after-tax cash proceeds of about $367 million from the sale of Coinbase stock, which he unloaded last year at an average price of $316 per share (Coinbase Current is trading at about $52 per share in the U.S.) ) Ehrsam sees the market fall as a buying opportunity: He raised $77 million in May on behalf of his crypto venture capital and investment firm, Paradigm Capital. Bought Coinbase stock, which traded for between $60 and $73 per share.

Cameron and Tyler Winklevoss, bitcoin investors, twin brothers and founders of crypto trading firm Gemini, have also seen their fortunes plummet from an estimated $4 billion in March to $3.2 billion. They laid off 10% of Gemini’s employees on June 2, with citing a reference “Crypto winter.” But he did not let the blasts of the market deter him from his style. His throwback rock band, Mangal Junctionare currently on tour in California and in early June, the twins were The song was videotaped singing in a bar in Asbury Park, New Jersey Journeys Don’t Stop Believin’ almost a week after Gemini’s layoffs were announced. As of press time, tickets to tonight’s show at Mars Junction in Berkeley are $15 each.

While the Winklevoss twins are playing rock stars, Sam Bankman-Fried, the richest man in crypto, is heading for a different role: industry savior. Earlier this week, the founder of the MOP-led 30-year-old trading giant FTX made huge loans to embattled crypto companies: $250 million to crypto lender BlockFi and nearly $500 million to brokerage Voyager Digital (including $300 million in bitcoin). ). “We take seriously our duty to protect the digital asset ecosystem and its customers,” he said. tweeted, Banksman-Fried’s estimated fortune has dropped only a few billion dollars since March, from $24 billion to $20 billion, mostly thanks to FTX’s $32 billion valuation from its last funding round in January.

Meanwhile, crypto’s former richest man Changpeng Zhao (or “CZ”), the founder and CEO of Binance, the world’s largest crypto exchange, is in a tongue-in-cheek mood. “I am the most optimistic in bear markets,” he tweeted On Thursday, which was soon followed by a second post: “Not financial advice.” This may be a joke, but CZ has good reason to offer such disclosures: The SEC has begun an investigation into Binance’s initial coin offering, bloomberg informed of earlier this month. CZ’s company is also being investigated 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).

Among crypto billionaires, Zhao is the biggest loser in percentage and dollar terms since March 11. Then, CZ’s estimated fortune of $65 billion made him the 19th richest person in the world. Today, his estimated worth is $18.7 billion. It’s not that he doesn’t care at all. “I really don’t know what my net worth is. I’m not too bothered about it,” he added Forbes the last summer.

Michael Sayer, a true bitcoin believer whose software company Microstrategy has spent nearly $4 billion on bitcoin investments over the years, has taken a different approach: going on the offensive. The 57-year-old software entrepreneur is rapidly bombarding Twitter with posts, and most recently appeared on television CNN, Fox Business And bloomberg, where he addressed concerns about his company’s balance sheet. In March, MicroStrategy Borrow $205 million to buy, you guessed it, more bitcoins than your own.

Saylor is now another former billionaire, Forbes Estimated to be worth a little over $700 million. MicroStrategy stock is down 56% since the beginning of March, while the Nasdaq index is down 14% over the same period. But Sailor didn’t sell any of his valuable bitcoins—”not a single Satoshi”, he pointed out. CNN This week anchor Julia Chatterley invoked a little-known term for the smallest unit of bitcoin. (One satoshi is worth 0.00000001 BTC.)

“Bitcoin will outlive all of us,” Sailor insisted. “I am sure of it.”

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