Traders, Podcasters and Bitcoin BTC/USD evangelist Max Kaiser says the world’s largest digital currency has bottomed this cycle and is on track to surpass the $220,000 price barrier.

Speaking to journalist Daniela Cambone, he noted that the billionaire was a venture capitalist Tim Draper has already set a target of $250,000 for Bitcoin this year, and Keizer agreed with the prediction.

“Investment in the bitcoin network has never been higher, which means security has never been higher, and the price will take care of itself. Tim Draper reiterated his call for $250,000 for Bitcoin in 2023, and I totally agree. The price will take care of itself. We want to make sure the network is stable,” he said.

He added that the FTX scandal was involved its founder Sam Bankman Fried has not touched the bitcoin network. Keizer noted that the amount of money poured into the network — the hash rate, the mining, and the security — has never been higher.

Also read: Bitcoin surges above $21,000: Is the move sustainable or just speculation madness?

Meanwhile, Bitcoin is trading near $23,000 on Sunday, its highest level since August 2022 and just ahead of the Lunar New Year celebrations in the Asian subcontinent.

The value of the leading cryptocurrency has risen lately, and analysts say it has probably due to a more positive macroeconomic outlook.

Keizer slammed Bankman-Fried, saying the FTX founder has a “very dodgy” background in high-frequency trading and market making that sits in a gray regulatory zone.

The Bitcoin maximalist went on to say that ether ETH/USD, Cardano ADA/USD, ripple XRP/USDand FTT FTT/USD are all “scam tokens”.

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Photo: courtesy of web summit on flickr.