Tim Draper: 'Bitcoin’s revolution is only just beginning'

12 Jan, 2019
by Joeri Cant
Bitcoin
Tim Draper: 'Bitcoin’s revolution is only just beginning'

The venture capitalist investor and billionaire Bitcoin bull, Tim Draper is as certain as ever. Bitcoin’s revolution is only just beginning!

Draper explains that he first started investing in the crypto space right before the Mt. Gox disaster.

'I thought virtual currency was really going to take off. We were going to have this new kind of currency and it was going to be awesome and I thought Mt. Gox's collapse was going to be the end of it. But Bitcoin only dropped about 10% or 15% that day.'

'I was flabbergasted and fascinated.'

Draper says he realized that the demand for this new digital currency was so strong that even a huge theft would not keep bitcoin from creating a new way for everybody to transact, store and move money.

Read more: Will Bitcoin replace fiat money?

'People really need this. This is really important. And so I started buying a little bit at a time.'

After the disaster that Mt. Gox was, Draper ran into another opportunity to get involved in the Bitcoin community.

He ended up buying Bitcoin at the U.S. Marshals' auctions in 2014. U.S. The Marshals had seized 144,336 Bitcoins from the operators of Silk Road, and put them all up for auction.

'They put it up for auction. The bidders were all ... sort of venture capitalists and a couple of other people. They were all talking about what kind of a deal they were going to get. There were nine lots and how it was going to be below market. The market price for BTC was $6.18 at the time.'

'I thought: You know, if I want this stuff I might as well bid above market. Here was my thinking: Either this thing goes to nothing and -- you know, too bad -- or it goes sky-high and nobody's going to care that I paid 5% more for it.'

The head of Draper Associates remains impressed by the possibilities for bitcoin and blockchain. 'It is honest, incorruptible, secure, and fair.'

Read more: What are Bitcoin whales and do they really control the market?

He points out that many industries will have to go through fundamental changes to adapt to this new way of thinking. People will have to learn that the bank, being the trusted third party for centuries will soon be replaced by computers that now monitor their holdings through the blockchain.

'The potential of Bitcoin is only limited by the imaginations of the entrepreneurs who work to drive this new virtual economy', Draper says. 'To monitor and keep it honest, I believe that the community of users will ultimately self-regulate, possibly eclipsing or obviating the need for the various governments to regulate the crypto world.'

The Bitcoin bull says that he has been through the ups and downs with Bitcoin, and 'I am as certain as ever that the bitcoin revolution is coming.'

Read more: 8 long-term Bitcoin price predictions by experts

In November Draper reiterated his belief that 1 BTC will be worth $250,000 by 2023.

'I have a pretty good sense of what’s going on four, five, six ten years from now because that’s my business – to meet with young entrepreneurs who are putting a future into my mind', said Draper.

Read more: Investor Tim Draper stands by his '$250k by 2023' Bitcoin prediction

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