2022 was a rough year for crypto. More than $1.3 trillion was wiped off the value of the market. And bitcoin, the world’s largest digital coin, saw its price slump more than 60%.
Investors were caught off guard by a wave of collapses in the industry from stablecoin project terraUSD to crypto exchange FTX, as well as a worsening macroeconomic climate. Those who made predictions about bitcoin’s price in the past year really missed the mark.
But with 2023 now here, some market players have stuck their neck out with price calls for what could be another volatile year.
Interest rates around the world are on the rise, and that’s weighing on risk assets like stocks and bitcoin. Investors are also watching how the FTX saga, which resulted in the arrest of the company’s founder Sam Bankman-Fried in the Bahamas, will develop.
CNBC rounds up some of the boldest price calls for bitcoin in 2023.
Bitcoin bull Tim Draper had one of the most optimistic calls on bitcoin of 2022, predicting the token would be worth $250,000 by the end of the year.
In November, the billionaire venture capitalist said he’s extending the timeline for that prediction until mid-2023. Even after the collapse of FTX, he’s convinced the coin will hit the quarter-of-a-million milestone.
“My assumption is that since women control 80% of retail spending, and only 1 in 7 bitcoin wallets are currently held by women that the dam is about to break,” Draper told CNBC via email.
Bitcoin would need to rally 1,400% in order for it to trade at that level.
Despite the depressed prices and trading volumes drying up, there could be reason to suspect the market has found a bottom, according to Draper.
“I suspect that the halvening in 2024 will have a positive run,” he said.