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

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

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

“This is the year it’s going to happen,” insisted Draper, who paid $ 18.7 million at a U.S. Marshals Service auction in 2014 for his sale of about 30,000 bitcoins (yes, it’s $ 623 for Bitcoin). “Late this year or early next year.”

Suffice it to say that Draper’s prediction is not working. Bitcoin has lost more than half of its value since the beginning of the year, falling from $ 47,000 on New Year’s Day to about $ 20,000. He is one of four crypto tycoons who are no longer billionaires thanks to the fall of the digital currency. But Draper doesn’t back down. Contacted by email, Draper reiterated his target price. “I’m more convinced than ever that it’s happening,” he said. “In late 2022 or early 2023.”

Easy arrival, easy march

Since early March, these eleven people have lost more money in cryptography. Only seven are still billionaires and have lost a total of $ 61 billion in the last three months.

Fred Ehrsam, co-founder and former president of cryptocurrency exchange Coinbase, insists the market merger is nothing more than growth pains. “One thing most people don’t fully understand: it takes years, often decades, to move from new technological advancement at the infrastructure level (like cryptography) to a vibrant ecosystem of key applications.” he tweeted Ehrsam earlier this week. The 34-year-old computer expert now has an estimated $ 900 million, below March’s $ 2.1 billion.

One reason Ehrsam may have a cold head: his fortune includes about $ 367 million in cash after-tax sales from Coinbase shares, which he unloaded last year at an average price of $ 316 per share (Coinbase currently trades at about $ 52 per share). ). Ehrsam seems to see the market collapse as a buying opportunity: it bought $ 77 million in shares of Coinbase on behalf of its cryptocurrency investment and venture capital firm Paradigm Capital in May for between $ 60 and $ 73 a share.

Cameron and Tyler Winklevoss, Bitcoin investors, twin brothers and founders of cryptocurrency trading company Gemini, also saw their fortunes fall, from an estimated $ 4 billion in March to $ 3.2 billion now. They fired 10% of Gemini’s staff on June 2, citing the “cryptographic winter.” But they did not let the implosion of the market limit their style. His retro rock band, Mars Junctionis currently touring in California and in early June, the twins were videotaped at a bar in Asbury Park, New Jersey singing Journey’s Don’t Stop Believin ’about a week after they announced Gemini’s layoffs. Until the time of publication, tickets for the Mars Junction concert in Berkeley tonight cost $ 15 each.

While the Winklevoss twins play the rock star, Sam Bankman-Fried, the person richest in crypto, goes for a different role: Industry Savior. Earlier this week, the 30-year-old, mop-headed founder of trading giant FTX granted huge loans to conflicting cryptocurrency companies: $ 250 million to crypto lender BlockFi and nearly $ 500 million (including $ 300 million). dollars in Bitcoin, of course) to the Voyager Digital brokerage. . “We take our duty to protect the digital asset ecosystem and its customers seriously,” he said. he tweeted. Bankman-Fried’s estimated fortune has only dropped a few million dollars since March, from $ 24 billion to $ 20 billion, mainly thanks to the valuation of 32 billion FTX since its last round of financing in January.

Meanwhile, Crypto’s oldest richest person, Changpeng Zhao (or “CZ”), founder and CEO of Binance, the world’s largest cryptocurrency exchange, is in an ironic mood. “I’m more optimistic in bear markets 😂,” he said he tweeted on Thursday, which was immediately followed by a second post: “No Financial Advice.” Maybe it was a joke, but CZ has good reason to offer such revelations: the SEC has opened an investigation into Binance’s initial coin offering, Bloomberg reported earlier this month. The CZ company is also being investigated by the U.S. Department of Justice, the Commodity Futures Trading Commission, and the Internal Revenue Service (Neither Binance nor CZ have been charged by any U.S. authority).

Among crypto billionaires, Zhao is the biggest loser, in percentage and in dollars, since March 11th. So CZ’s estimated fortune of $ 65 billion made him the 19ª richest person in the world. Today, it has an estimated value of $ 18.7 billion. It’s not that you care in the slightest. “I really don’t know what my net worth is. I’m not very worried about that,” he said Forbes last summer.

Michael Saylor, a true Bitcoin believer, whose software company Microstrategy has spent nearly $ 4 billion on Bitcoin investments in recent years, has taken a different approach: moving on the offensive. The 57-year-old software entrepreneur has bombarded Twitter with bullish posts and made recent television appearances on CNN, Fox Business e Bloomberg, where he neglected concerns about the balance sheet of his company. In March, MicroStrategy borrowed $ 205 million against its own Bitcoin, to buy, you guessed it, more Bitcoin.

Saylor is now another former millionaire, Forbes estimates, worth just over $ 700 million. Shares of MicroStrategy have fallen 56% since early March, compared to the 14% drop in the Nasdaq index in the same period. But Saylor didn’t sell any of his precious Bitcoin, “not even a satoshi,” he said CNN anchor Julia Chatterley this week, invoking a little-known term for Bitcoin’s smallest unit. (One satoshi is worth 0.00000001 BTC).

“Bitcoin is going to survive all of us,” Saylor insisted. “I’m pretty sure of that.”


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