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“FTX Was Centralized Around One Person”



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Alex Dovbnya

Prominent venture capitalist Tim Draper has downplayed the significance of the FTX-induced crisis for the future of Bitcoin

Prominent venture capitalist Tim Draper has downplayed the significance of the FTX collapse, arguing that the failed crypto trading platform was centralized around one person.

Echoing the main talking point of Bitcoin advocates, Draper has stressed that the world’s largest cryptocurrency is actually decentralized. 

The venture capitalist further claims that decentralized cryptocurrencies are a “great opportunity” for economic evolution. 

Moreover, Draper states that businesses have to design software that would make it possible to tax businesses operating in “a Bitcoin wallet garden.” In such a way, they would have more trust in the largest cryptocurrency. 

As reported by U.Today, the venture capitalist, who was an early investor in Skype and other prominent tech companies, continues to stand by his uber-bullish $250,000 Bitcoin price prediction despite the crypto rout. 

In fact, the venture capitalist still believes that the flagship cryptocurrency will be able to achieve the aforementioned price target in the first half of 2023. 

Draper is convinced that women will be the main driving force behind the next Bitcoin bull run. 

At press time, Bitcoin continues to trade at the $17,000 level on major spot exchanges, which is far from Draper’s bullish target. 

While crypto proponents were quick to downplay the severity of the FTX-induced crisis, some skeptics are less optimistic. As reported by U.Today, prominent economist Paul Krugman recently said that the ongoing crypto winter felt like the end of the industry. 



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