Former crypto billionaire insists Bitcoin will surge to $250,000 within next 18 months

Venture capitalist Tim Draper believes the cryptocurrency will surge more than 10-fold by the end of 2023. He’s not the only crypto mogul whistling in the dark.

Dduring an interview with forbes In January of this year, venture capitalist Tim Draper made an ambitious prediction: Bitcoin would hit a whopping $250,000 within a year. At the time, Bitcoin was worth around $41,000.

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

Suffice it to say that Draper’s prediction doesn’t add up. Bitcoin has lost more than half its value since the beginning of the year, falling to around $20,000 from $47,000 on New Year’s Day. He is one of four crypto moguls who are no longer billionaires thanks to the digital currency crash. But Draper does not flinch. Reached via email, Draper reiterated his target price. “I’m more convinced than ever that it will happen,” he said. “By late 2022 or early 2023.”

Easy come easy go

Since early March, these 11 people have lost the most money in crypto. Only seven are still billionaires and have lost a total of $61 billion over the past three months.

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

One reason Ehrsam might keep his cool: His net worth includes around $367 million in after-tax cash proceeds from the sale of Coinbase stock, which he sold last year at an average price of $316 per share (Coinbase is currently trading at around $52 per share). ). Ehrsam appears to be seeing the market slump as a buying opportunity: In May, he bought $77 million worth of Coinbase stock for his crypto venture capital and investment firm Paradigm Capital for between $60 and $73 per share.

Cameron and Tyler Winklevoss, the bitcoin investors, twin brothers and founders of crypto trading firm Gemini, have also seen their wealth plummet, from an estimated $4 billion in March to $3.2 billion now. They laid off 10% of Gemini’s workforce on June 2, citing “crypto winter.” But they haven’t let the market implosion limit their style. your throwback rock band, Mars JunctionShe is currently touring in California and in early June the twins were there videotaped sung at a bar in Asbury Park, New Jersey Journey’s Don’t Stop Believin’ about a week after they announced the Gemini layoffs. At press time, tickets to tonight’s Mars Junction show in Berkeley are $15 each.

While the Winklevoss twins play rock star, Sam Bankman-Fried, the richest person in crypto, aspires to a different role: industry savior. Earlier this week, the mop-headed 30-year-old founder of trading giant FTX made huge loans to struggling crypto companies: $250 million to crypto lender BlockFi and nearly $500 million (including $300 million in Bitcoin, of course) to the Mediation of Voyager Digital. “We take seriously our duty to protect the digital asset ecosystem and its customers,” he says tweeted. Bankman-Fried’s estimated fortune is down just a few billion dollars since March, from $24 billion to $20 billion, thanks largely to FTX’s $32 billion valuation from its latest funding round in January.

Meanwhile, Krypto’s former richest person, Changpeng Zhao (or “CZ”), founder and CEO of Binance, the world’s largest crypto exchange, is in a tongue-in-cheek mood. “I’m most optimistic in bear markets 😂”, he tweeted on Thursday, which was followed by a second post: “No financial advice.” That may have been a joke, but CZ has good reason to offer such disclosures: the SEC has opened an investigation into Binance’s initial coin offering, Bloomberg reported earlier this month. CZ’s company is also under investigation by the US Department of Justice, the Commodity Futures Trading Commission and the Internal Revenue Service (neither Binance nor CZ have been charged by US authorities).

Among crypto billionaires, Zhao has been the biggest loser by percentage and dollar since March 11. At the time, CZ’s estimated fortune of $65 billion made him the 19th richest person in the world. Today he is worth an estimated $18.7 billion. Not that he cares in the slightest. “I don’t really know what my net worth is. I’m not too concerned about that,” he said forbes last summer.

Michael Saylor, a true Bitcoin believer whose software company Microstrategy has spent around $4 billion on Bitcoin investments in recent years, has taken a different approach: going on the offensive. The 57-year-old software entrepreneur bombards Twitter with bullish posts and recently appeared on TV CNN, Fox business and Bloomberg, where he shook off concerns about his company’s balance sheet. In March, MicroStrategy borrowed $205 million against its own bitcoin to—you guessed it—buy more bitcoin.

Saylor is now another ex-billionaire, forbes Estimated to be worth just over $700 million. MicroStrategy stock is down 56% since early March, compared to the 14% tumble in the Nasdaq index over the same period. But Saylor hasn’t sold any of his prized bitcoins — “no satoshi,” he said CNN Moderator Julia Chatterley this week, invoking a little-known term for the smallest unit of Bitcoin. (One satoshi is worth 0.00000001 BTC.)

“Bitcoin will outlast us all,” Saylor said. “I’m absolutely sure with this.”


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