Billionaire venture capitalist Tim Draper has extended his $250,000 Bitcoin prediction by six months due to the FTX collapse and unfavorable crypto and macroeconomic factors.

Draper, a founding partner of venture capital firm Draper Fisher Jurvetson, is known for successfully timing Bitcoin’s $10,000 milestone in late 2017. In 2018, he predicted BTC would reach $250,000 before the end of 2022, based on the assumption that bitcoin will replace 6 percent of all the government-backed currencies in circulation in 2018.

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