Tim Draper: When you feel like you want dollars, you probably want Bitcoin

24 Mar, 2019
by Richard Allen
Bitcoin
Tim Draper: When you feel like you want dollars, you probably want Bitcoin

During a recent AMA session on Facebook held earlier today, legendary venture capitalist Tim Draper offered some crypto investing advice.

Draper bought 29,656 Bitcoin from the Marshall Service for around $18 million after the FBI shut down the black market drug site the Silk Road in 2014. Today, that investment is worth around $118 million. Despite this, the venture capitalist says there’s still time to invest in Bitcoin.

“What it [Bitcoin] is is the future of currency and the currency is going to be decentralized and open and you’re going to end up with a much more fluid, dynamic currency if you own Bitcoin than if you own dollars,” he says.

He warned investors not to get caught up in short term price fluctuations. He added “I never make Bitcoin predictions in the short term because short term anything can happen. It [Bitcoin] will move up and down and if you’re investing in the short term you’re making a mistake.”

“People can manipulate the price, it moves up, moves down depending on big customers coming in to buy or big owners coming in to sell.”

He further stated that “Sometimes Bitcoin is going to feel very valuable … and sometimes you’re going to feel like dollars are what you really want to hold on to. When you feel like dollars are what you really want to hold on to, you probably want to buy Bitcoin.”

Recently, Draper recently met up with the Argentine president, Mauricio Macri and suggested to him that he make Bitcoin the country’s national currency.

Read more: Tim Draper to Argentine President: BTC as national currency will attract people

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