Top Bitcoin Company Executives Forecast Market After FTX Collapse

Against the backdrop of the FTX exchange’s bankruptcy, a hole in its balance sheet amounting to around $8 billion, cryptocurrency company executives expect further declines in Bitcoin’s price, potentially down to zero. This is evidenced by the results of the survey, conducted by the consultancy BDC Consulting among 53 top managers of projects from various sectors.

On average, respondents expect the price of the first cryptocurrency to halt its decline at around $11,479. Only one respondent expects it to rise to $17,000 in the current environment. Three others did not rule out Bitcoin’s price dropping to $0.

Moreover, 91% of respondents believe FTX’s problems will not affect the peg of stablecoins to the dollar.

The study showed that more than half of the top managers plan to increase their investments in cryptocurrencies and do not intend to reduce them.

Sixty-six percent are likely to expand their portfolios over the next month. A third of respondents will not take any active steps.

“Even amid broad panic, the current downturn opens investment opportunities that respondents intend to seize by expanding their positions in the crypto market,” noted the analysts at BDC Consulting.

According to venture investor and billionaire Tim Draper, the price of Bitcoin will reach $250 000 by the beginning of 2023, despite the FTX-induced crisis.

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